Published on Thursday, 24 March 2011 00:00
HMRC require you as an employer to advise them of all taxable benefits that you provide to your employees or indeed yourselves as Directors of the business.
The completion and submission of a P11D is a service that we provide to our clients when requested. It is possible for a company to seek a dispensation from the submission of a P11D covering certain areas but for your information the following information is generally required.
- Mileage allowance – Fixed Profit Car Scheme
You will need details of number of miles for each member of staff / Director, amount paid and their car engine size.
- Mileage Allowances - Other
Give details of allowances paid to employees / Directors for use of their own car, include details of any running costs such as Road Fund Licence, insurance, repairs etc paid on behalf of the employee / director.
- Travelling and Subsistence
Give amounts of fares, hotels, meals etc
- Entertainment
Details of all payments made in respect of entertaining
- Subscriptions and Professional Fees
Give details of any subscriptions and professional fees paid include any societies and clubs catering for leisure and sporting activities.
- General Expenses
Give details of any expenses / benefits not returned elsewhere.
Other Benefits to be declared
- Cars
You will need the following information:
Make and Model
Date first registered
Dates available to employee / director
Engine size and fuel type
CO2 Emissions rating
Copy of Log Book
Manufacturers list price when new
Cost of any accessories
Capital contribution made by employee
Amount paid by employee for private use
- Fuel
Was fuel provided for private use
- Private medical treatment or insurance
Give details of any private medical insurance paid on behalf of the employee / director, also any medical or dental expenses paid.
- Vans
If the van is available for private use, then the log book will be needed.
- Payment in respect of home telephone
Details of expenses in connection with providing a home telephone, you will need copies of the invoices.
- Interest free and low interest loans
Any loans given to employees or their relatives that are either interest free or low interest and are over £5000 will be deemed as a benefit.
- Assets Transferred
Details of any assets, such as cars, property, goods transferred to an employee or director.
- Vouchers
Details of voucher, including season tickets given to employees / directors.
- Living Accommodation
Give details of any living accommodation provided to employees or their family.
It is really important that an accurate P11D is submitted each year so that the employees tax code reflects the benefits they receive and they pay the appropriate tax. Failure to do so may result in a tax bill for the employee and a fine for non-submission for the employer if and when identified by HMRC.
The P11D’s must be submitted to HMRC by 6 July 2011. The Class 1A National Insurance contributions payable on the calculated benefit must reach HMRC by the 19 July 2011 if paying by cheque, or the 22 July 2011 if paying online.
Should you need any advice or guidance regarding the submission of P11D then please contact us on (01635) 884270 or email info@opusaccounting.co.uk
