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Understanding the P11D and What to Include to Meet the July Deadline

Tax and filling in forms go hand in hand. If you’re an employer and your employees receive taxable benefits in kind, then you need to know about the P11D as it must be completed by the 6th of July each year.

The important P11D sections to complete

There are different sections in the P11D form to complete in full. The most important sections include:

  • Section 1: employee details. This section includes the employee’s name, address and National Insurance number.
  • Section 2: benefits in kind. This section lists all the benefits the employee has received during the tax year.
  • Section 3: calculation of taxable benefits. This section calculates the amount of tax due on the employee’s benefits.
  • Section 4: employer’s declaration. This section must be signed by the employer to confirm the information on the P11D is correct.

If you’re an employer, you must complete the P11D form correctly and on time. If not, you could be hit with a fine from the HMRC.

Tips for completing the P11D

Here are our top tips for completing the P11D form:

  • Start early. Don’t wait until the last minute to complete the P11D form. Give yourself plenty of time to gather all the information you need.
  • Use the right version. There are different versions of the P11D form depending on the type of business. So, make sure that you use the right version for your business.
  • Check your work. Once you’ve filled in the P11D form, check it then check it again.
  • Submit the form on time. Always submit the P11D form to HMRC by the 6th of July each year to avoid penalties.

P11D extra tips

  • Keep good records. Keep all the information needed to complete the P11D form, such as receipts, invoices and contracts.
  • Use a payroll software program. This helps you calculate the tax due on your employees’ benefits.
  • Get help from a professional. If you’re unsure how to complete the P11D form, always get help from a qualified accountant or tax adviser.
  • We’re here to help make sure you file your P11D right the first time, on time. So before the deadline rolls around again next year, get in touch to find out more.