Its that time again and here we are looking at what we need to do about the P11D form.
If you receive private healthcare, interest free loans (train season ticket loan), non-business entertainment/travel and company cars in addition to Salary, these are Benefits In Kind and need to be reported to the HMRC using a P11D form.
Please note. Employers/Companies fill this out and send to HMRC not employees/individuals.
The Benefits In Kind increase your salary so National Insurance Contributions (NICs) need to be paid. This is paid by the company not individual.
Common Business expenses that are not included on the P11D- forms
- These include- Business credit cards, Work travel, Entertainment expenses for business purposem, Subscription and fees for professional bodies/journals, Uniform, Tools for work
Deadline- 6th July 2023 following the tax year 6th April 2022 to 5th April 2023.
Penalties- you have 2 weeks after the deadline 6th July 2023 to file but if by 19th July 2023 nothing is filed then the company has to pay £100 per month per 50 employees.
We are here to assist you if you would like us to take care of your P11D filings, please contact us and we will be happy to help with your accounting matters.