A P11D Form is a tax form that British employers file for each employee and director of their companies, detailing all expenses paid out from the company to the individual employee. Also known as the Expenses and Benefits form, it is required of each employee who earns more than £8,500 annually, or approximately £10,400. The sections of the P11D include the details of living accommodation, mileage allowance, cars and fuel and assets transferred. The employer is obligated to calculate the various deductions and earnings and report them to Her Majesty’s Revenue and Customs, or HMRC.
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Things you need
- A P11D form
- All relevant documentation regarding your employee’s “benefits in kind” or expenses
Gather all relevant documentation that detail the benefits paid out to the employee from your company during the last tax year.
Calculate any benefits that have been provided for your employee’s spouse, immediate family or other household members, as these expenses need to be treated as if they were provided directly to your employee personally.
Complete the form P11D. You can do this is several ways. You may choose to calculate the P11D yourself, although this is not recommended due to its complexities. Should you choose to do this, it is strongly suggested that you seek the guidance of a tax professional. Alternatively, you may use software specifically developed to calculate the P11D. If you choose this method, follow the directions provided by the software manufacturer.
Provide a covering certificate stating that the information provided on the form is true and fully stated.
Submit the paperwork to HMRC, either via mail or online.
Tips and warnings
- When completing the form, make sure that your handwriting is legible. If using a computer or software to fill out the P11D, use a font that is easy to read. Double-check all calculations and entries to ensure the form is completed properly.
- Failure to file these earnings and deductions can result in severe penalties, so it may be in your best interest to consult an accountant to provide advice or use software.
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