As we head towarsd the end of the year, then here’s a round-up of what news and up-and-coming deadlines are lining up this November.
Deadline For Submitting Form P46 (Car)
The all-important P46 (car) is due on the 2nd November and this is a significant date your accounting calendar, so don’t overlook it may have a dramatic impact you.
What is the P46 (car)? Let us refresh your memory. It is for employees who take advantage of car/fuel benefits, specifically those employees who saw a change to their benefits in the third quarter of this year, running up to 5th October, 2018.
A form P46 (car) needs to be completed for any employee who uses a car that has been provided by their employer. The specific situation where a form P46 (car) is required is where:
● a car was initially supplied to an employee by an employer
● an additional car was supplied to an employee by an employer
● an employer took back a car they had supplied to an employee and it wasn’t replaced
Why is the form P46 (car) necessary? Well, with one of these completed forms HMRC can update the employee’s coding notice so that it corresponds with the change in benefit that the employee is receiving, or no longer receiving.
The form can be submitted either online, or by completing a hard copy and sending it in. In cases where a car has been taken back by an employer and replaced with another, the change can be made online.
Watch out! The form P46 (car) should not be used to notify HMRC of any changes in car for car benefits that have been “payrolled”.
PAYE, Student Loan and CIS Deductions
A major monthly event on Monday 19th November that, if it applies to you, should not only be stamped on your calendar, but etched into your mind.
PAYE, student loan and CIS deductions are particularly significant to employers who make payments on behalf of their employees by making deductions directly from their salaries. This is also relevant to contractors who have issued payments to subcontractors under the Construction Industry Scheme (CIS).
Many will make the payment electronically and funds from these payments are expected to have cleared by 22nd November, 2018. Payments that have failed to clear by this date will incur interest charges and other penalties may also apply, so fair warning!
Be aware that payments, on behalf of your employees, for income tax, national insurance and student loans should be made to HMRC. This also applies to contractors making tax payments on behalf of subcontractors under the Construction Industry Scheme, as these will also need to be made to HMRC.
That’s everything for now, but check in with again soon as we will have more updates for December as we gear up for seasonal cheer and festive frivolities!
More to Come
We’ll be updating this post in November to make sure all the other latest news and updates are at your finger-tips.