Just discovered a company paud for Private medical insurance in March 2016 which wasn't notified to HMRC via a P11d. Can anyone advise me what my options are?
1. Make a voluntary disclosure as HMRC weren't expecting a return. Can someone advise me what the penalties here will be? Is there any mitigation for the disclosure?
2. Have the employee reimburse the company, then give the employee an interest free loan for the corresponding amount? This loan is then written off and a BIK is created for the current year. Would this option work in practice? (I've read about this somewhere but never done it, seems a bit contrived).
Really appreciate your thoughts.