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If you are an employer and pay directors or employees any expenses or benefits which are not registered to be payrolled and are not covered by PAYE then a P11D form must be filed to HMRC annually.
What are the benefits to be declared?
Any benefits that you offer as an employer would include:
- Health insurance
- Company car or van
- Interest free loan
- Private travel expenses
- Private entertainment expenses
- Assets provided for personal use
- Living accommodation provided by the employer
What information is required?
Each P11D form requests basic information about the employee which includes name, date of birth, employer, and employee number.
Following that are all the sections to be completed as the examples above.
When does the P11D form need submitting?
A P11D must be submitted by 6th July following the tax year in question. So, your P11D for the tax year 6th April 2021 to 5th April 2022 must be filed by 6th July 2022.
If you miss the deadline of 6th July whether you are submitting in paper format or online, you have until July 19th to put things right and file. If this deadline is missed, then the business will incur fines of £100 per month per 50 employees.
Any benefits effectively increase an employee’s salary, therefore there may be National Insurance contributions (NICs) to be paid, these contributions are paid by the business, and not the individual. poipo
How can we help?
Keeping track of money is essential to running a successful business. Yet everything you need to do to be compliant can take time away from doing the actual ‘work’ of your business.
We offer a comprehensive accountancy service, founded by people who have been in business for over 30 years. So we know exactly how to help you make sound decisions and save you time on routine tasks.
Disclaimer: Information provided by Kidwells Accountancy on our website is for informational purposes only. It is provided in good faith but we make no guarantee of any kind regarding the accuracy, reliability, or completeness of any information on our site. We always recommend businesses seek independent legal and financial advice before working with us or acting on any information on our website.