LeeP Accountant guide to the P11D – what is it and should I be worried?

If you’re an employer and provided expenses or benefits to employees or directors in the previous tax year ended 5th April 2018, you might need to tell HM Revenue and Customs (HMRC) and pay tax and National Insurance on them.

Examples of expenses and benefits include:

  • Company cars
  • Health insurance
  • Travel and entertainment expenses
  • Childcare
  • Mobile phone payments where the contract is in the employees own name
  • Gym membership

At the end of the tax year you’ll need to submit a P11D form to HM Revenue and Customs (HMRC) for each employee you’ve provided with expenses or benefits.

The P11D and P11D(b) filing deadline is 6 July 2018. Payment date of Class 1 A NIC is due by 19 July 2018 (22 July 2018 if paid electronically)

You, as the employer, are required to give all employees a copy of their P11D by 6 July 2018. Employees should keep the form as they may need it to complete a tax return or to claim a repayment of tax.

LeeP Accountants are a local Peterborough based firm who provide guidance for small and medium business owners.

Contact us for more information.

01733 699033

LeeP Accountants

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