P11d Form Explained

A P11D is a form that reports certain expenses and benefits received in a tax year by employees and directors. This form needs to be submitted for each tax year and is due for submission by 6th July.

These benefits are called ‘Benefits in Kind’ and can incur Class 1A National Insurance Contributions based on HMRC’s rate – the rate is currently 13.8%. A P11D(b) form is sent along with the P11D form which shows any National Insurance due on the benefits.

If there aren’t any benefits to report then a nil form needs to be submitted. Any late submissions will incur a penalty of £100 per month from HMRC until the form is filed.

Changes to the P11D for 2016/17?

Previously, expenses such as travel & subsistence along with other reimbursable expenses needed to be included on the P11D form even if they weren’t subject to Class 1A NICs. Companies could apply to HMRC for a dispensation so you only needed to include benefits on the P11D, though not available to all. HMRC have now decided, from the 2016/17 tax year, there are certain exemptions (broadly equal to the dispensation) and now only benefits need to be included on the form for everyone.

What needs to be included?

Some of the most common benefits that will need to be included on the form are:

• Company cars and/or fuel for private use
• Mileage – above the approved rate from HMRC
• Health insurance such as private medical or dental insurance
• Low or interest free director loans that exceed £10k
• Staff entertaining over the £150pp threshold

When are the payments due?

If there’s a payment of Class 1A NICs due, then this will need to be made to HMRC by 19th July.

P11D on self-assessments?

If you have a P11D then the figures will need to be included on your self-assessment. It’s important you don’t file your self-assessment for 2016/17 before the P11D is submitted.

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