P11D

Form P11D is a legal requirement for all directors and employees earning over £8,500 per annum pro rata and needs to be submitted to HM Revenue and Customs by 6th July every year. The information also forms part of your Self-Assessment Tax Return.

This form is designed to report any company benefits you received such as a company car or private medical insurance, and any business expenses you have paid for privately and subsequently reimbursed yourself from the company during the tax year (6th April to the following 5th April).

You will be required to pay extra tax if you have "benefits in kind" from your company and also your company will be required to pay Class 1A National Insurance. Any Class 1A National Insurance (due only on benefits) needs to be paid by your company by 19th July each year. There is no extra tax for you to pay on expenses as these are being paid back to you after you have initially paid out of your own money for costs relating to the daily running of your business.

At Aspen Accountancy we can take on the process of submitting your P11D forms or just point you in the right direction as required