The Inland Revenue was expecting to receive five million forms, but to date they have only received four million, according to information obtained by Carapeople, which provides outsourced P11D services.
Companies that do not file these forms on time risk fines of £300 per form, plus further late charges of £60 per day. Furthermore, incorrectly completed P11Ds can cost a company a £3,000 penalty.
The completion of P11Ds is generally dreaded by most companies, as they are time-consuming and take up much resources.
In response Carapeople suggests that companies follow a number of guidelines, including knowing exactly what the Revenue expects you to declare, setting a timetable and sticking to it, having just one point of contact at a client company, starting preparations before April and keeping in mind dispensations which can, in some circumstances, be negotiated with the relevant tax office.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states