2017-18 Employers' end of year forms and 2018-19 record keeping 16 April 2018
HMRC has published the latest version of the ‘Expenses and Benefits from Employment Toolkit’ which is aimed at helping and supporting tax agents and advisers in completing employers’ end of year forms (P11D and P11D(b)) on behalf of their clients. Tax agents and advisers play an important role in helping their clients to get their tax forms correct. This toolkit is aimed at helping and supporting tax agents and advisers in completing employers’ end of year forms (P11D and P11D(b)) on behalf of their clients, although it may also be of use to employers or anyone who is completing these forms. It may also be of use to tax agents and advisers who do not complete their clients' end of year employer forms but wish to use it as a source of reference when advising their clients on expenses and benefits from employment matters. This version of the toolkit was published in April 2018. The risks in this toolkit have been reviewed and updated where necessary for 2017-18 and should be used for expenses and benefits in kind for employer end of year forms 2017-18 and for record keeping 2018-19. Use of this toolkit is entirely voluntary.
The content of this toolkit is based on HMRC’s view of how tax law should be applied. Its application to specific cases will depend on the law at the relevant time and on the precise facts.
For further information on using this toolkit and reasonable care under HMRC’s penalty system see Tax agents toolkits.
For guidance on matters not dealt with in this toolkit you should refer to HMRC’s Employment Income Manual (EIM).
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CWG2: further guide to PAYE and National Insurance contributions 27 April 2018
The CWG2 has been updated to reflect the introduction of the ‘2019 loan charge’ which will arise at the end of 5 April 2019 on the value of any outstanding loans made in the past to employees via third parties to which Pt 7A of ITEPA (disguised remuneration) would have applied.
CWG2: further guide to PAYE and National Insurance contributions
2019 Loan Charge An Income Tax charge will arise at the end of 5 April 2019 on the value of any outstanding loans made in the past to employees via third parties to which Pt 7A (disguised remuneration) would have applied. Where tax due on the full amount of the loan has been paid by this date, the loan charge will not apply. If an employee has received such a loan between 6 April 1999 and 5 April 2019, it is necessary to consider whether Pt 7A would apply to the loan as if it had been made on 5 April 2019. If it does, a relevant step is treated as being taken on that date for any outstanding balance of the loan.
In order to calculate the outstanding balance, it is necessary to apply certain rules.
Full details of these can be found in HMRC’s Employment Income Manual.
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The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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