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TIME IS RUNNING OUT FOR GLOUCESTERSHIRE’S BUSINESSES

Classic Financial Solutions is warning Gloucestershire businesses that they have just over a week remaining to file their P11D forms. By Thursday 6th July any business that has not provided the tax office with details of their employees’ ‘benefits in kind’ could face instant fines of £300 per employee and an additional fine of £60 for every day thereafter.

Thousands of businesses incur unnecessary fines every year by failing to supply HM Revenue and Customs (HMRC) with P11D forms in time. A P11D needs to be completed for every employee earning over £8500 who receives additional expenses or benefits such as company car, beneficial loans, medical insurance, car fuel benefits or living accommodation.

According to Classic Financial Solutions, most of the P11D forms that HMRC receive will be incorrect. The rules state that a P11D form has to include any private use of a business asset, even down to the odd personal phone call or someone using their work PC to send a personal e-mail. This is virtually impossible to monitor and so HMRC employs a certain degree of leniency. However, far too many companies still make punishable errors. These errors range from deliberate deception to accidentally forgetting to sign the final forms (a common mistake). Any such error can be classified as a fraudulent submission of the P11D form and can result in a fine of up to £3000 per form.

Classic Financial Solutions offers the following advice for companies completing their forms this week.

· Every business which has a payroll scheme needs to submit, at the very least, a P11D(b). If there are no benefits they have to tick the appropriate box on the form to say so.
· Where possible, companies should apply for dispensations. Dispensations will make the forms easier to complete, as allowable business expenses will not need to be shown.
· Christmas gifts/parties, golf days, mobile phones and any other business benefit needs to be included. It is best for companies to keep a running log per employee.
· Employees need to be provided with a copy of their P11D form.

Any business that needs help or advice in completing P11D forms can contact Classic Financial on 01242 548600 or visit http://www.cfsca.co.uk.

Note to editors: Classic Financial Solutions, Chartered Accountants (CFS) has been established in Cheltenham since 1997. Classic Financial Solutions is much more than just a firm of accountants. They are a proactive team of accounting, taxation and business finance specialists, whose aim it is to help their clients maximise the benefits from their business and work with them to achieve their fiscal and operational objectives.
A major strength of the Practice is its experience in international tax planning and business structures incorporating all aspects of international business and services. Further specialisations and services include: Start-up Advice – Arranging Business Finance – Book keeping – Incorporation – Preparation of Financial Statements – Preparation of Management Accounts – Personal and Corporation Tax – VAT Compliance and Returns – Estate and General Tax Planning – Company Secretarial.

For further media information please contact:
Richard Millington
apt marketing & pr
01242 250692
richard@aptmarketing.co.uk