Are you correctly reporting employee benefits?

Written by Chris Barlow


June 24, 2022

With the P11D deadline approaching on the 6th of July, here are a few things to consider. 

If you provide certain benefits (and/or expenses) to your employees, you must know that these may be subject to Class 1A NIC and tax. This also applies if you are receiving benefits as a director of a Limited Company.

Employee benefits and expenses have to be reported to HMRC via a P11D/B form, and the deadline to submit yours is the 6th of July 2022. 

If you are unsure where to start, don’t worry. We have addressed some of the key points to consider below.

What goes into a P11D?

Typically, benefits which will need to be declared will include costs incurred such as; living accommodation, cars, vans and fuel (including electric), interest-free or low-interest loans (including some director’s loan accounts), relocation expenses, mileage payments above the approved rate, medical benefits, certain subscriptions etc.

Who is responsible for reporting?

It is the employer’s responsibility to ensure P11Ds are filed on time. Failure to do so can result in hefty penalties being charged by HMRC.

At EKWilliams, we ensure that the completion of your P11Ds is completed in a timely manner, whilst ensuring you are declaring the correct figures to HMRC. We can also advise you on how to provide benefits to your employees in a tax-efficient manner moving forward.

If you require more information on P11Ds contact Chris Barlow on 01942816512 or [email protected] for further support.