P11D
Deadline Looming
The forms P11D, which report employees and directors
benefits in kind and expenses, are due for submission
by 6 July 2008 for the year ended 5 April 2008.
The process of tracking down the information can
take some time so it is important that you don’t
leave things until the last minute.
Some things to be aware of:
Company cars
The benefit is based on a percentage of the list
price plus accessories – not what the business
paid for the car. The percentage is linked to
the CO2 emissions of the car.
Provision of fuel
Employees provided with free fuel for private as
well as business motoring will be assessed on
a further benefit. This is calculated as a percentage
linked to the CO2 emissions of the car and a
set figure of £14,400 for 2007/08.
The set figure has increased to £16,900
for 2008/09. This is a good time to check whether
or not the individual would be better off paying
for their own private fuel. Don’t forget
that the employer also pays 12.8% employer only
Class 1A NIC on the value of broadly all benefits
in kind so there is a saving for the business as
well.
HMRC have issued the usual guidance to employers
on the completion of the forms P11D together with
tips on how to avoid errors based on last years
forms P11D.
If you would like any help with the completion
of the forms P11D or a reminder of the information
we require to complete the forms on your behalf
please get in touch.
Internet Links:
HMRC
guidance and P11D
completion tips |
