It is that time of year again with the P11D submission deadline fast approaching.
All companies providing benefits to their employees or directors require to declare this information to HMRC on forms P11D and P11D(b) and may be required to pay Class 1A National Insurance on the value of these benefits, along with relevant employees/directors paying Income Tax.
A few examples of benefits provided to employees/directors may be:
- Company cars provided for private use
- Company vans provided for more than incidental private use
- Private medical insurance
- Loans > £10,000 (at a fixed or invariable rate below HMRC’s official rate of interest)
The P11D/P11D(b) forms require to be submitted to HMRC by 6th July 2023, with the payment of Class 1A National Insurance being paid (and clearing HMRC’s bank) by 22nd July 2023.
If you believe that your company requires to complete P11D forms, reporting benefits provided to employees/directors during the 2022/23 tax year, please do get in touch with your Drummond Laurie adviser and we would be happy to assist you with this.
Please note, HMRC has recently also confirmed that they will no longer accept paper P11D and P11D(b) forms from 6th April 2023. For existing employers who already submit P11D and P11D(b) returns online, there is no change. HMRC PAYE online services or commercial software can be used to submit your company’s P11D forms online going forward, in the absence of the paper form.