Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Lynne Gowers on 21st June 2017
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.
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).
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:
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.
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.
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.
Take a look at our recent blogs below.
As a business owner, your time is way too precious to spend hours dealing with HMRC or Companies Hou...
Published: 14th May 2018
“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dicken...
Published: 11th May 2018
Congratulations! The very fact you clicked this far shows you are considering employing staff, and t...
Published: 17th April 2018
It is out with the old and in with the new when it comes to tax relief on childcare costs from April...
Published: 9th April 2018
The Boox accounting app has always been at the forefront of helping our clients understand their com...
Published: 26th March 2018
Spring has officially sprung and the start of the 2018/19 tax year is just around the corner –...
Published: 23rd March 2018
If your business is employing staff, you should already have a workplace pension in place, under the...
Published: 23rd March 2018
At this time of the year we are used to seeing the Chancellor holding aloft the red box ahead of the...
Published: 15th March 2018
A dispute has erupted between the BBC and 170 of its presenters over their tax arrangements and thei...
Published: 12th March 2018
The rush for taxpayers to file their 2016-17 self-assessment tax return is over for another year, an...
Published: 27th February 2018
If you are in the process of setting up a limited company or you are already the owner of an incorpo...
Published: 16th February 2018
If you need a little help to find the right accountancy service, don’t worry.
Get in touch with our friendly team for a FREE service consultation.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
Specialist accounting for sole traders and the self employed, Boox combines easy online tools with expert support to take away the stress of handling your accounts.
Our combination of market-leading accounting software and expert personal advice gives you greater financial control and more time to grow your business.