P11d – deadline
June 29, 2022
The deadline for submitting P11d forms is approaching
What is a p11d?
The P11d form is prepared and submitted by employers and is used for reporting benefits in kind, such as private health care and company cars, that employees receive from your company in addition to their salary.
The items listed on the P11d form can then be reported on their self-assessment tax return, or if they do not submit a tax return, it will be taxed through their coding notice. As an employer you must pay any Employers NIC (National Insurance Contributions) on these benefits as they increase your employee’s salary.
Do I need to complete a P11d?
The P11d forms must be completed by the employer, or if you are a contractor or freelancer and operate through a limited company where the company is providing the benefit, then you must complete the P11d forms yourself. The general rule for completing a P11d means that if your company pays for any items that an employee benefits from, this must be included on the P11d form. These include items such as:
-private health insurance
There are however some exemptions which now include business expenses paid personally by company employees. The expenses that no longer need to be reported on P11d forms include:
-professional fees and approved subscriptions
-business travel costs
-business related entertainment costs
When do you need to submit the P11d form?
The P11d form is filed by the employer and prepared in line with the tax year, so the P11d for the period 6th April 2021 to 5th April 2022 must be submitted by 6th July 2022 and any Employers NIC (National Insurance Contributions) due must be paid by 22 July 2022 to avoid any penalties.
What is the difference between a P11d and P11d(b)?
Although the employer is responsible for preparing both forms, the P11d form is distributed to the employee and specifically states the employee’s details and the benefit in kind they have reported during the tax year. The P11d(b) form is what is submitted by the employer and summarises all employees P11d forms and declares the total NIC due, as well as the total taxable benefit the company has provided.
If you are still unsure about your P11d requirements, please get in touch.