What are P11D forms?
These forms report expenses and benefits given to employees that haven’t been taxed yet. Your company needs to submit them to HMRC (the UK tax authority) annually.
Who needs a P11D?
Not everyone. Taxlab can advise you on this based on your specific situation.
There are two P11D forms:
- P11D: This lists the benefits and expenses.
- P11D(b): This shows any additional tax or National Insurance due on those benefits.
Deadlines:
P11D forms are due by July 6th following the tax year.
For 2023/24, that deadline was July 6th, 2024.
Who pays the tax and National Insurance on benefits?
- The employee pays tax, either through payroll deductions or self-assessment.
- The employer pays Class 1A National Insurance by July 19th (postal) or July 22nd (electronic) for 2022/23.
Taxlab can help you with:
- Preparing the P11D forms.
- Calculating Class 1A National Insurance.
What are taxable expenses and benefits?
Taxable expenses are business costs that benefit you personally, like a gym membership paid for by the company.
Benefits in kind are when the company pays for your personal use of something, like a company car. The amount reported is the cash equivalent value.
Examples of taxable benefits and expenses:
- Company-paid personal items.
- Payments made on your behalf with company funds.
- Vouchers (except childcare vouchers up to £55 per week).
- Company credit cards used for personal expenses.
- Living accommodations provided by the company.
- Mileage allowance exceeding HMRC approved rates.
- Company cars, vans, or fuel for private use.
- Low-interest or interest-free loans (director’s loans).
- Private medical or dental insurance paid for by the company.
- Assets for your personal use (motorcycles, holiday homes).
- Certain professional subscriptions.
- Company-paid training (work-related only).
- Company phones (unless the contract is in the company’s name).
P11D Completion Checklist:
Deadline: Every year by April 5th.
Information needed for company cars:
- Make, model, engine capacity, CO2 emission, fuel type.
- List price when registered (including accessories).
- Date of registration.
- Period of availability for your use.
- Whether private fuel or other expenses are paid by the company.
- Whether you reimbursed any of these expenses.
Information needed for vans:
- Dates of availability for private use.
- Date of registration.
- Details of all shared vans.
Information needed for other vehicle expenses:
- Mileage allowances paid (including fixed profit car scheme).
Information needed for beneficial loans:
- Outstanding loan amount details (if exceeding £5,000).
- Interest paid details (if any).
- Details of written-off loans (if any).
Information needed for private medical costs:
- Cost of any private medical insurance premiums or expenses paid by the employer for you.
Contact us for any questions about P11D forms or benefits in kind declarations.
Disclaimer: This information is for general guidance only and does not constitute professional advice.