A P11D form is used to inform HMRC of any taxable benefits or expenses an employee might have received. It is filed by an employer.
A P11D is a form used in the United Kingdom to report any expenses and benefits that have not been taxed through Payroll. For each Employee that has received taxable Expenses and Benefits in kind. employers must submit a P11D form to HMRC. Some Employees will not receive any of these taxable benefits or expenses so will not need a P11D form.
A P11D contains personal information about the Employee, details about their employment, and the value of taxable benefits or expenses that they have received. The employer must file one every year or they could face potential penalties for Failing to Notify HMRC.
A P11D from from 2022/23 is shown below:
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.Read more