By Lynne Gowers on 21st June 2017

Tax Jargon Buster – what is a P11D form?

With the P11D deadline approaching on 6th July, the Boox tax team are busy gathering information from our limited company clients in order to file on their behalf.

In this post we take a look at what the P11D form actually is and what you need to tell us so we can file your form accurately and on time with HMRC, in order to avoid penalties for your company.

What is a P11D form?

In a nutshell, a P11D is a statutory form required by HMRC which details expenses and benefits provided by an employer to its employees (including yourself if you’re a limited company director).

The form is designed to report on what is called “benefits in kind”. These are goods or services that a company provides in addition to salary and may include company vehicles, assets and insurances.

P11Ds need to be filed by the employer, not the employee – but for many limited company contractors and freelancers, these are one and the same person.

As benefits in kind effectively increase your salary, there may be National Insurance contributions to be paid on them (by the company not the individual).

Tell the Boox tax team – a P11D checklist

In order to comply with HMRC’s expenses and benefits legislation, if you haven’t told us already, you need to let us know if the company has provided you personally or any other employees with benefits. These include the following:

  • Company Vehicles
  • Assets at your disposal (eg. mobile phone)
  • Personal insurances
  • Interest free loans
  • Other items (eg. covering personal bills on your behalf)

If you think any of these apply to you it is important to let us know as there may be further tax implications.
Likewise if none of the above applies, you still need to tell us so that we can complete a nil form on your behalf.
Essentially, any payments made either by the company or reimbursed that are not incurred wholly, exclusively and necessarily for business purposes will need further review.

P11D Penalties

If we have not received sufficient information to file the P11D form by 6th July, your company will incur a fine of £100 per month (or part month, per 50 employees) until the form is filed.

You could also face a penalty if your P11D is incorrect, up to £3,000 per P11D, so it is crucial that you provide us with accurate information.

Help with Self Assessment

Any amounts shown on your P11D will need to be included on your personal self-assessment.

Don’t forget Boox offer a full self-assessment service and we are now working on preparing 2016-17 returns. You get the peace of mind that your return is being handled by experts and we’ll file it directly with HMRC, saving you time and costly mistakes.


Lynne Gowers Written by Lynne Gowers

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