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The P11D deadline – Are you ready?

If you run a business, you might provide benefits, or non-exempt expenses, to some or all of your employees. 

If you do, it is important to be aware of the annual P11D form that needs to be completed and sent to HM Revenue & Customs (HMRC) by the deadline of 6 July 2021. 

Before doing so, you will need to know what you need to report and if you need to pay tax and National Insurance (NI) on the benefits or expenses.  

A P11D is a form used to report benefits provided and expense payments made to employees, by employers that are not putting it through the payroll. 

The annual form allows businesses to report benefits that employees have received from their employer in addition to their salary, for example, company cars, health insurance, living accommodation and beneficial loans.  

There are some benefits which can be provided tax-free, such as the provision of a mobile phone, social functions for staff and other ‘trivial benefits’, although there are various conditions that need to be met first.

Understandably, the whole process of filling out the forms for P11D poses a significant burden for business owners and managers.

To further complicate the task, the rules governing the taxation of different expenses and benefits change regularly and each is subject to its own separate rules. For the full list of expenses and benefits that you need to report, please click here.

Completing P11D returns can be time-consuming and complex, especially if you cover a lot of expenses or have a large workforce, which is why it makes sense to outsource this task to specialists. 

If you have any queries about the preparation and submission of P11D forms, please contact your Seymour Taylor representative today or email enquiries@stca.co.uk or call 01494 552100 and ask to speak to our Payroll team. This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing 25 June 2021.