P11D: Employers Return of Expenses and Benefits in Kind
By Dan Rodger, Tax Manager – Colchester
It is time to start thinking about the preparation of P11D’s for our clients who provide their employee’s and director’s with taxable benefits in kind and expenses for the 2022/23 tax year.
All employers that provide taxable benefits and expenses to their employees and directors need to report these by completing a Form P11D for each employee or director, together with an employer declaration, Form P11D(b).
The deadline dates to bear in mind are:
- Filing deadline 6 July 2023.
- Payment of Class 1A NIC liability 19th July 2023.
The most common benefits reported on forms P11D include:
- Private Medical or Dental Insurance.
- Company Cars or Vans (and if applicable, fuel for private use)
- Living Accommodation
- Gym memberships provided by the employer.
- Loans over £10,000
It is important for everyone to keep an eye out when undertaking client work to identify any new benefits provided that are not currently reported.
The tax team in each office is currently preparing the P11ds over the next couple of months for review and submission.
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 Dan Rodger (COL/CHE), Harry King (IPS) or Eleanor O’Brien (STR).
Please access the following link for more information:
P11D: Reporting benefits and expenses – www.rossmartin.co.uk
Great update Dan!
Just worth a note for the more niche and complex clients that BIK rules can bite re extended distributions to shareholders who arent employees or directors and potentially can extend further.
So if you have a client who is a shareholder receiving a benefit Dan has listed above from a close company then best check that out with the tax team.
If our not sure again check it out with the tax team. Team work will help reduce exposure and risk and make sure we get best advice to our clients.
Happy P11d season 🙂