As well as saving you time and effort, choosing to outsource the production and submission of your P11Ds means you can take advantage of PBS’s Outsourcing, which can give you access to more knowledge and experience but how else can it benefit you?
By 6 July 2020, employers must have submitted their P11D forms to the HMRC if they provide benefits in kind to employees – detailing the cash equivalents of benefits and expenses that they have provided during the tax year. The P11D form must be submitted for each employee and creating and submitting these forms can be a time-consuming task – which is why some organisations opt to outsource this task instead.
Outsourcing P11D production means that external experts can fill out the P11D forms and submit these to the HMRC once the employer has reviewed them. For large organisations, outsourcing P11D production means that employers don’t have to spend significant amounts of time filling out forms and can instead focus this time and energy elsewhere. Here are three other benefits of choosing to outsource your P11D production.
Expertise of payroll professionals
By working with payroll professionals, organisations can gain access to a wider range of knowledge, experience, and expertise. Employers can gain a better understanding of P11D production and are less likely to stress and worry about P11D production when they know a team of dedicated professionals are handling the process.
Outsourcing your P11D production also gives you access to a variety of reports, specialised to suit your needs and helping you streamline internal processes. If you outsource P11D production to the PBS team, for example, our payroll professionals can provide reports on Class1A national insurance contributions (NICs) and will also fill out P11D(b) forms.
Easily accessible records
P11D forms have to be filled out for each employee, and, in large organisations, this can mean a lot of records and files to keep track of. With outsourcing, all files and permanent records can be easily stored in one place. If you opt for PBS’s P11D services, and also use of CIPHR’s cloud-based HR software, we can load your P11D records straight into CIPHR for you.
If you need P11D support, PBS’s services are available to all organisations with no setup costs and little onboarding time needed. To find out more, call us on 0203 855 4297 or email us at email@example.com.