Have you received an increase in employee tax queries this month?
Maybe you’ve noticed more employee tax code notices in your July downloads than usual and wondered why. If so, our July newsletter is here to provide you with answers.
Employer P11D’s submission will have been made to HMRC by 19th July 2024 for the tax year 2023/24. These submissions report your employee benefit amounts and the result is employees will now have tax to pay on these benefits.
HMRC work out any employees underpaid tax on the benefits and will code these amounts in to the employees 2024/25 Tax codes to clear the underpaid Tax due.
If you as an employer have been receiving an influx of queries from employees as to why they may be seeing a Tax code change, even a change in how much Tax being paid where there have been no pay differences then P11D submissions may be the answer to the increased queries.
Employees can check their Tax code notices along with the P11D submission amounts and any underpaid Tax amounts on their online Tax account at https://www.gov.uk/personal-tax-account