Any taxable benefits must be reported before the deadline using P11D and P11D(b) forms, which enable HMRC to calculate the class 1A national insurance contributions that need to be paid.
These benefits include:
- company cars
- health insurance
- non-business travel or entertainment expenses
- assets provided by an employer that have significant personal use.
Employers who paid any taxable expenses or benefits to their staff will need to report them on a P11D(b) form, even if some or all of them have already been taxed through payroll.
A P11D must be sent for each employee who received the benefits or expenses, unless the employer registered online with HMRC before 6 April 2017.
Failure to meet the deadline could result in a penalty of £100 for every 50 employees for every month or part month the form is late, as well as interest on late payments to HMRC.
The deadline for paying any class 1A national insurance is slightly later, on 22 July 2018 (or 19 July if paying by cheque).
We can discuss your P11D requirements.