Accuracy, timeliness of data and audit tracking were just a few of a number of risks that were exposed due to the lack of the log. The number of employee queries generated by the issue of P11d statements was highlighted as an additional concern by Johnson Fleming.
Johnson Fleming implemented a management log to track all scheme activity, per employee, per benefit. All scheme activity is now reported by the client monthly and recorded by Johnson Fleming on the log, (Joiners, leavers, addition of family members and changes to levels of benefits). The current P11d benefit is calculated automatically as each change is applied.
While the initial set-up costs were high due to the manually intensive nature of the work required, these have been recouped in year one of operating the system as the P11d benefit, per employee was accurately supplied, with a full audit trail at the close of the tax year.
The results
- Log provides annual quote and renewal data for all benefits without the need for client input
- A full audit trail now exists
- Employee P11d statement queries reduced to one
- A one-stop shop for employer/employee/insurer queries
