Here at PayStream we have taken on board the feedback from our Customer Satisfaction Survey and have been working with our Development Team to develop new features as requested by you. In order to make the process of claiming your expenses even easier, you will now be able to upload important documents straight to your PayStream portal, such as:
In addition to this, you can now upload any additional supporting expenses receipts on the Expenses home page using the 'upload receipt' function.
This will mean everything can be stored in one place for you to access whenever you need to and you won't have to send these documents to us separately. Making our services even simpler to use.
So, what else have our Developers been busy implementing?
Umbrella contractors and the P11D
If you are an employee of PayStream you have the confidence in knowing that your expenses are audited and processed in line with HMRC guidance. PayStream has an agreement with HMRC which means we do not have to declare all of those expenses to HMRC each year, although there is a requirement to declare some of them such as sundries and some professional fees.
Therefore, by 6th July 2015, we will be submitting form P11D to HMRC for some of you. Once an expense has been reported on a P11D, an S336 claim will need to be made to offset any potential taxable benefits. An S336 claim can be made where the expenses can be justified as wholly, necessarily and exclusively incurred in the performance of the employees duties.
HMRC advise that the submission of an S336 claim should normally be the responsibility of the employee. However, PayStream will make this claim on your behalf to save you the administrative burden of completing this yourself and in order to negate any impact to your personal tax allowance from the P11D declaration.
This process ensures that reporting on your behalf is up-to-date and fully HMRC compliant, whilst saving you the administrative burden of having to complete the tasks personally.
Limited company contractors and the P11D
If you are operating through your own Limited company then a P11D will be submitted and you will need to complete a Self-Assessment Tax Return. The likelihood is that you will be claiming a reimbursement from your company of the sums you have expended in the course of the company's business.
The submission of your company’s form P11D to HMRC should be followed by a claim to tax relief on those expenses. This is made on the employment pages of your Self-Assessment Return and should include all those expenses which you have incurred wholly, exclusively and necessarily in the performance of the duties of your employment as a director of your company.
If you have signed up for the PayStream Tax Return service the information from your company's P11D will be entered on your Return along with the appropriate claim for tax relief. If you are completing your own Self-Assessment Return using the HMRC paper Return or their online Return service be sure to have your P11D to hand and take care that the entries for both the reimbursed expenses and the associated claims for relief are correctly input.