The P11D form is used to report benefits in kind.
These are items or services which you (or your employees) receive from your company in addition to your salary, such as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars.
The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return.
Deadline: 6th July 2020
What does this include:
- Company cars
- Company car mileage allowances and fuel
- Company vans for private use
- Private car mileage allowances and fuel
- Motorcycles for private use
- Payments for use of home telephones
- Non credit card expenses payments
- Credit card expenses payments
- Working from home
- Private medical insurance
- Beneficial loans
- Living accommodation
- Assets transferred
- Other items, such as childcare costs, late night taxis etc.
Taxable benefits or expenses you’ve received can be offset against your PAYE tax code.
This means you might pay more tax out of your pay each month. It’s worth checking your coding notice – a breakdown of the tax you’re paying – whenever you receive one from HMRC.
If you think you might be paying more or less tax than you expect, the onus is on you to let HMRC know.
How can we help?
Accountants of Lavenham offer advice, calculation and submission services to take the pain and hassle out of your P11D.
We make sure everything is in order so you don’t have any nasty surprises and can even advise how you can save money.