2024 P11D Reporting Obligations

The P11D season is now in full swing, and the tax team are currently working on completing our client’s P11Ds.

For those that are unaware or need a refresher on the rules, all employers that provide taxable benefits and expenses to their staff, including directors, need to report these by completing a Form P11D for each member of staff or director, unless the employer is currently payrolling these benefits.

As well as Form P11D, the employer also needs to complete an employer declaration, Form P11D(b), which calculates the Class 1A NIC.

The deadline dates are as follows:

• Filing deadline is 6 July 2024
• Payment of Class 1A NIC liabilities by 22 July 2024

The most common benefits include:

• Private medical or dental insurance
• Company cars, including electric cars or vans (and if applicable, fuel for private use)
• Employee loans
• Professional and Membership fees
• Living accommodation
• Pecuniary bills paid by the employer (e.g. accountancy fees)

Whilst preparing annual accounts or during discussions with your clients please bear in mind likely reporting obligations where the employer is providing benefits and expenses to their staff and directors.

We do have standard fees for the work undertaken so if your client requires this service or if you have any questions on benefits please get in touch with Piers Otton (CHE), Dan Rodger (COL), Harry King (IPS) or Eleanor O’Brien (STR).

This update is also reflected on our website which will be visible to existing and prospective clients P11D Reporting Obligations & Deadline (2024) – Accountants Essex, London, Suffolk | LB Group (lbgroupltd.com)

Please note that both internal/external email footers will be automatically amended with the following to reflect this update.