P11D Reporting

Ensuring accurate reporting of benefits in kind.

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Reporting accurately to HMRC can be challenging, especially concerning the technical aspect of 'benefits in kind' provided to directors and/or employees. Leewop is readily available to ensure your compliance with relevant regulations and accuracy in reporting.


Understanding P11Ds and Their Impact on Your Business

Fulfilling tax obligations is crucial for limited companies, which includes responsibilities like submitting P11D forms. These forms are essential for reporting any 'benefits in kind'.

What is a P11D?

The P11D form, issued by HMRC, is used to declare specific benefits provided to directors or employees. Employers complete this form on behalf of their employees to report benefits in kind, which include additional benefits aside from salary, such as company cars, private healthcare, and loans.

Benefits in kind essentially increase an employee's overall compensation, resulting in national insurance contributions known as Class 1A. Importantly, these Class 1A payments are the responsibility of the company, not the employee. Therefore, for limited company owners, understanding the P11D filing process is essential.

It's worth noting that not all benefits need to be declared, and this is where our efficient services come into play, ensuring your reporting obligations are comprehensively fulfilled.

When does a P11D have to be completed?

The deadline for filing Form P11D is 6th July following the end of the tax year in which the taxable benefit arises. It is essential to get the declaration on the P11D correct and accurate, as HM Revenue & Customs can impose penalties for any deliberate or careless inaccuracies.

The process for this can be very technical and difficult to understand, and that’s why Leewop is here to help, leaving you to focus on growing your business.

Common errors in the completion of forms P11D published by HMRC.

  • Submitting duplicate P11D information via paper form application where P11D information has already been filed online to ‘ensure HMRC have received it’. These duplicates can cause internal processing problems for HMRC
  • Using a paper form application that relates to the wrong tax year – we advise to check the top right-hand corner of the first page for further information
  • Not ticking the ‘director’ box if the employee is a director
  • Not including a description or abbreviation, where amounts are included in sections A, B, L, M or N of the form
  • Leaving the ‘cash equivalent’ box empty where you’ve entered a figure in the corresponding ‘cost to you’ box of a section
  • Completing the declaration on the final FPS/EPS submission inaccurately (for those employers whose software package requires them to be completed) or question 6 in section A of RT 4 form to indicate whether P11Ds are due
  • Not advising HMRC, either by paper form P11D(b) or electronic submission, that there is no Benefits in Kind & Expenses return to make
  • Where a benefit has been provided for mixed business and private use, entering only the value of the private-use portion – you must report the full gross value of the benefit
  • Not completing the fuel benefit box/field where this applies. This means an amended P11D has to be sent in
  • Incorrectly completing the ‘from’ and ‘to’ dates in the ‘Dates car was available’ boxes

Reach out to our team of knowledgeable consultants for additional information today!

How can we help?

At Leewop, we can help ensure that the correct procedure is followed for the filing process and that you meet, where possible, both the filing deadline and any tax payment deadlines.

Working out which types of benefits are taxable and completing the P11D forms correctly can be complex and time-consuming, and as a business owner, there are usually 101 other tasks that you need to be focusing your time and energy on.

Why choose Leewop for your tax return requirements?

The complex administration required for P11Ds can be complicated and time-consuming, but Leewop can complete all the necessary work on your behalf. We can ensure that you are working in the most tax-efficient and compliant way possible to ensure you don’t over-pay HMRC.

At Leewop, our chartered accountants are experts in P11Ds and can provide you with all the advice you need, taking the hassle out of your HMRC obligations so that you can focus on the things which matter most.

Common errors in the completion of forms P11D published by HMRC.

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With Leewop, not only will your business be compliant with laws and regulations, but you will also be assured that our team will recognise operational areas for improvement, such as better structures and areas where technology can be used to bring down costs and increase efficiencies.

Whatever type of organisation you are running, our team of business accountants in UK can help you ensure you’re set up for success. Contact us today for further advice or to discuss the next steps by calling us on +92 302 4012116 or emailing contact@leewopconsultancy.com.

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Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

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