| An important change to
the way employers notify HM Revenue &
Customs (HMRC) about replacement company
cars will take effect from April 2011.
From April, employers will be able to
notify HMRC electronically of any
replacement car changes and only
notifications received in this way will be
accepted.
Options for electronic filing include
HMRC’s free Online Return and Forms – PAYE
service, available via its website.
HMRC had previously announced that from
April 2009, employers no longer had to
submit form P46 (Car) for replacement
company car changes and that from April
2010, forms P46 (Car) relating to such
changes would no longer be accepted.
The reintroduction of notification of
replacement company car changes has
followed representations to HMRC about the
impact of scrapping the measure, which
could potentially affect the tax position
of an employee in the tax year the change
occurred.
It meant that the employee’s tax code
was only changed after the relevant P11D
taxable benefits and expenses form was
filed in the new tax year.
LINK:
Reporting company cars on form P46 (Car) |
