The P11d filing deadline is quickly approaching – with only 2 weeks left for companies to file the return to declare any employee benefits which are not put through the payroll. Are you wondering if this applies to you? If the following benefits are given to directors and employees through the company, you will need to file one:
– Medical Insurance
– Company Cars/Company Vans
– Assets given/sold to employees or directors
– Expenses paid on behalf of employees
– Mileage amounts paid to employees above the HMRC approved rates (45p for the first 10,000 miles and 25p thereafter)
– Directors Loan balances over £10,000 (if the balance breached this amount at any point in the year, we must declare the benefit of this loan)
– Any professional fees or subscriptions paid on behalf of an employee
The list above is not exhaustive but outlines the main benefits. If any of the above applies to you and you think you may need to file a P11d, please act soon to avoid penalty, your accountant will be able to advise you.
If you need any assistance, do not hesitate to get in touch and we will be happy to help.