Reminder: submit your P11D form ahead of the deadline

Written by Paul Murphy


June 29, 2023

Although the 2022/23 tax year may now seem like a distant memory, it’s essential that you and your employees are aware of the imminent P11D deadline. By fulfilling your P11D obligations, you’ll ensure that HMRC are aware of your tax compliance with regards to employee benefits and expenses. The deadline to submit your P11D forms is 6th July 2023. With just a short amount of time left, we thought we’d share a reminder of what exactly your P11D obligations are!


Understanding the P11D

The P11D form is an annual declaration that, as an employer, you are required to submit to HMRC. It outlines the benefits, perks, and expenses provided to employees separate to their regular salary or wages. This includes company cars, medical insurance, loans, accommodation, and other non-cash benefits. The form calculates the taxable value of these benefits, which, in turn, impacts the tax liability of employees. 


Deadline and Penalties

You must submit the P11D forms to HMRC by the deadline on 6th July, for the 2022/23 tax year. There are strict penalties for late submissions, starting with £100 per 50 employees each month that the form is late. The accuracy of the information reported is essential, and incorrect reporting can lead to additional tax liabilities for both you and your employees. 


Employee Obligations

Employees also play an important role in the P11D process as well. You are required to provide your workforce with a copy of the information reported on the P11D form, which is essential for their personal tax returns. Your employees should review this information carefully and inform you of any inaccuracies or missing details immediately.


Take Action and Seek Guidance

In this final week approaching the deadline, you should be taking proactive steps to submit your form on time. Going forward, we would also recommend that you review your company’s benefits and expenses policies throughout the year to ensure you’re prepared for the deadline when it next comes around. 


If you would like further advice about preparing for the P11D deadline, please don’t hesitate to contact our team on +44 (0) 1 942 816 512 or:

Paul Murphy, Audit & Accounts Manager, [email protected]

Chris Barlow, Accounts & Tax Manager, [email protected]

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