To properly configure tax treatment for employee benefits like medical insurance for P11D reporting, follow these steps:
Configuring Tax Settings
Navigate to Finance Hub in your Happl dashboard
Select the "Accounting" section
Review each benefit row and mark applicable items as taxable
P11D Reports
P11D reports for employee benefits are generated automatically by Happl and distributed in early May each year. These reports will include:
Cost breakdown of medical insurance per employee
Tax treatment of benefits based on your configured settings
Other applicable taxable benefits
Important: Ensure your tax and accounting settings are reviewed and up-to-date before P11D reports are generated to ensure accurate reporting.