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P11D Reporting

Making sure you report benefits in kind correctly.

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Business Advisory

It’s all too easy to make an error with reporting to HMRC – particularly on the technical issue of ‘benefits in kind’ that have been paid to directors and/or employees. Page Kirk is always on hand to make sure you get things right and comply with the relevant regulations.

Accountancy

What are P11Ds and how do they affect my business?

An important element of operating as a limited company is ensuring that all your tax obligations are met, including tasks such as submitting P11D forms, used to report any ‘benefits in kind’.

What is a P11D?

A P11D form is a HMRC document that should be used to report specific benefits that are given to directors or employees. The P11D form is completed by employers on behalf of their employees and is used to report benefits in kind. These are any benefits provided to employees in lieu, or in addition to, their salary – such as company car, private healthcare, loans etc.

The benefit in kind effectively increases an employee’s salary and therefore national insurance contributions will fall due, which are known as Class 1A. The crucial point here is that the Class 1A payments are made by the company, not the employee. For anyone running a limited company, it is therefore imperative to ensure you are aware of the filing process when it comes to Form P11D.

It is important to note that you will not need to declare every benefit and it is here we can provide our efficient service to ensure that your reporting obligations are met in full.

When does a P11D have to be completed?

The deadline for filing Form P11D is 6th July following the end of the tax year in which the taxable benefit arises. It is essential to get the declaration on the P11D correct and accurate, as HM Revenue & Customs can impose penalties for any deliberate or careless inaccuracies.

The process for this can be very technical and difficult to understand, and that’s why Page Kirk is here to help, leaving you to focus on growing your business.

Common errors in the completion of forms P11D published by HMRC.

  • Submitting duplicate P11D information via paper form application where P11D information has already been filed online to ‘ensure HMRC have received it’. These duplicates can cause internal processing problems for HMRC
  • Using a paper form application that relates to the wrong tax year – we advise to check the top right-hand corner of the first page for further information
  • Not ticking the ‘director’ box if the employee is a director
  • Not including a description or abbreviation, where amounts are included in sections A, B, L, M or N of the form
  • Leaving the ‘cash equivalent’ box empty where you’ve entered a figure in the corresponding ‘cost to you’ box of a section
  • Completing the declaration on the final FPS/EPS submission inaccurately (for those employers whose software package requires them to be completed) or question 6 in section A of RT 4 form to indicate whether P11Ds are due
  • Not advising HMRC, either by paper form P11D(b) or electronic submission, that there is no Benefits in Kind & Expenses return to make
  • Where a benefit has been provided for mixed business and private use, entering only the value of the private-use portion – you must report the full gross value of the benefit
  • Not completing the fuel benefit box/field where this applies. This means an amended P11D has to be sent in
  • Incorrectly completing the ‘from’ and ‘to’ dates in the ‘Dates car was available’ boxes

For further information, get in touch with our team of expert consultants today!

How can we help?

At Page Kirk, we can help ensure that the correct procedure is followed for the filing process and that you meet, where possible, both the filing deadline and any tax payment deadlines.

Working out which types of benefits are taxable and completing the P11D forms correctly can be complex and time-consuming, and as a business owner, there are usually 101 other tasks that you need to be focusing your time and energy on.

Why choose Page Kirk for your tax return requirements?

The complex administration required for P11Ds can be complicated and time-consuming, but Page Kirk can complete all the necessary work on your behalf. We can ensure that you are working in the most tax-efficient and compliant way possible to ensure you don’t over-pay HMRC.

At Page Kirk, our chartered accountants are experts in P11Ds and can provide you with all the advice you need, taking the hassle out of your HMRC obligations so that you can focus on the things which matter most.

Common errors in the completion of forms P11D published by HMRC.

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Whatever type of organisation you are running, our team of business accountants in Nottingham can help you ensure you’re set up for success. Contact us today for further advice or to discuss the next steps by calling us on 0115 955 5500 or emailing enquiries@pagekirk.co.uk.

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