Employers have to submit details about their tax benefits, which they receive to the HMRC by the end of July every year. These benefits they get from their employees are the subject to a taxable charge and, or, Class 1A National Insurance Contributions (NICs). You can use your Sage 50 P11D to create and submit all the reports. The latest version of Sage 50 P11D is v22. It is recommended that, if you are not using the latest version of Sage 50 P11D, then you should download and install it in your system. To do so, follow the steps below:
- Open your Sage 50 P11D software.
- Go to help option and click on about.
- Now, you can easily download and install it in your system.
- Reboot your system.
You will be asked to submit the following forms to HMRC. These forms are the important part of your P11D year end schedule.
Form P11D: The form P11D is completed for the directors or the employees. Their yearly earning should be more than £8,500 or more during the tax year. This form can be submitted through Sage 50 P11D online to HMRC.
Form P11D(b): This is basically known as an employee’s form P11d. it includes the expenses and benefits, which are subjected for all their employer to a Class 1A National Insurance liability, and those that do not. This form can be easily submitted to HMRC through Sage 50 P11D.
Form P46 (Car): Along with the year end statutory forms, form P46 (Car) is to be submitted to HMRC. This submission is done within the 28 days of the end of the end of each quarter to 5 July, 5 October, 5 January and 5 April. This form is not submitted online to HMRC.
Steps to perform the year end routine:
Here are some steps below, through which you can easily help you to perform your year end routine:
- Create a back up for your Sage 50 P11D v22 information
- Update your P11D calculations
- Validate your employee P11D benefits and expenses
- Print your benefit reports and summary reports
- Print the P11D forms
- Validation of the Class 1A NIC liability is correct
- Printing of the Class 1A report
- Print the Employer’s Declaration form i.e. P11D(b)
- Submit all the forms i.e. P11D and P11d(b) online to HMRC
By following the steps mentioned above, you can easily know everything about your year ending routine. In case, you need some further assistance, then you can contact RemoteAccounting247 for assistance. They are Sage customer support providing agency, which provides round the clock services globally. To reach out to them, you just have to call on Sage toll-free number +1-800-961-6588. You can also visit their website and request for online Sage chat support assistance or you can write an email to online email support.