Whenever a director or an employee receives benefits in kind, a P11D form must be prepared.

Benefits in kind refers to any items or services that a company director or employee receives in addition to their salary. So, that could be anything from private healthcare and interest free loans, through to company cars.

Why do benefits in kind need to be reported?

Benefits in kind effectively increase an employee’s salary. This means that there may be National Insurance contributions to pay on them. However, it’s important to note that these contributions are paid by the company, not the individual employee or director.

When do P11Ds need to be filed?

All P11Ds must be filed by the 6th of July following the tax year in question. So, for example, for the tax year running from April 2017 to April 2018, any P11Ds must be filed with HMRC by the 6th July 2018.

P11Ds are file by the employer, not the employee.

Take the hassle out of P11Ds

The rules surrounding P11Ds can be complex and HMRC imposes strict, potentially punitive penalties for the late submission or incorrect completion of the forms.

Here at Easy PAYE, we offer a variety of professional P11D services that will take the hassle out of the process, whilst ensuring you are fully compliant at all times.

Our services include:

  • Preparation of P11D and P11D(b) forms
  • Submission to HMRC
  • Calculation of Class 1A National Insurance and advice on payment dates
  • Preparation of Section 336 claims in respect of reportable items with no net benefit in kind, where this is still applicable
  • Assistance identifying benefits that need to be included on P11D forms
  • Assistance with queries raised by HMRC
  • Preparation of a PSA1 where an employer suffers all of the tax and NI upon certain benefits in kind, along with the calculation of the amounts due to HMRC

For further information about our P11D services, or to discuss your requirements further, please get in touch – our skilled and experienced team are always happy to help!