Governance & Compliance 12: P11D Expenses and Benefits 2014-15
Posted on 26 March 2015 by education.finance
You may be aware from previous years of the need to collect information to allow the completion of the P11d return.
The Authority is required to make a return to HM Revenue & Customs by 6th July 2015, giving details of the taxable payments/ benefits in kind that employees have received as a ‘cash equivalent’ amount. In addition, the Authority must also have given the same information to employees by this date.
The cost of not meeting these requirements is heavy- late supply of information to HMRC/ the employee can cost £300 initially, then £60 per day per employee. Incorrect information can also cost £3000 per employee.
Therefore, to meet these requirements, it is essential that accurate information is provided.
Although we are able to obtain data for travel claims & lease cars administered by us, there are a number of other areas where information is not available and we require this information to be provided.
The P11D letter has been sent to all Schools via Schools Comms and can also be found by going to the year end webpage, this includes a link to the following:
Every school and establishment must make a return by Friday 24th April 2015, even if it is a nil return.
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