Lakshmi Narain reviews issues for advisers to consider this month.
P11D filing deadline
The deadline for filing the returns of expenses and benefits for 2011/12 on forms P11D was 6 July 2012. The items giving rise to a Class 1A national insurance liability at 13.8% must be calculated from the brown boxes on the forms and the P11D(b) also (strictly but see below) to be filed by 6 July can then be completed and signed. The NIC liability falls due by 19 July or 22 July if paying by an approved electronic method.
Of course HMRC applies a penalty regime where returns are filed late. The penalties are those contained in TMA 1970 s 98A: £100 per month (or...
