The annual deadline for P11D forms to be submitted to HMRC for your employees is 6 July which will cover the previous complete tax year.
A P11D is used to report expenses and benefits paid to directors and employees which have not been subject to PAYE tax. The form must report all benefits in kind and include any goods or services received from the company in addition to regular salaries.
Examples of benefits to be recorded:
- Private health insurance
- Company vehicles and fuel
- Other loans or financial benefits
- Staff entertainment including social events
- Any goods or assets with personal use.
There are many more benefits which should be included so if you are unsure if the item is taxable, please contact your accountant for clarification. You can also visit https://www.gov.uk/expenses-and-benefits-a-to-z for a full list.
Failing to submit your P11D forms on time may result in late filing penalties. You may also receive a P11D(B) form directly from HMRC if you are required to submit the form. This should then be completed even if there are no benefits to be reported for the year. Please note, it is the employer’s responsibility to file P11Ds with HMRC not the employee.