29 May 2024

P11D Reporting Obligations & Deadline (2024)

All employers, including Directors, that provide taxable benefits and expenses to their staff must report these to HMRC annually.

In this article, Daniel Witchell, a tax Senior, reviews the P11D form and highlights what you need to include on it, who is responsible for filing it, and the most common benefits employees receive in addition to their salary.

Benefits and expenses are reported on a Form P11D, together with an employer declaration, Form P11D(b).

P11D Deadline Dates

• Filing deadline is 6 July 2024
• Payment of Class 1A NIC liabilities by 22 July 2024

The most common benefits include:

• Private medical or dental insurance
• Company cars, including electric cars or vans (and, if applicable, fuel for private use)
• Employee loans
• Membership fees
• Living accommodation

It is imperative that P11Ds are captured correctly, otherwise, HMRC can charge penalties for forms submitted late or incorrectly.

A copy of form P11D should be provided to the employee so that they can complete their own self-assessment tax return and review their own tax position.

How can we help?

LB Group has a team of specialists who can assist you with your reporting obligations and provide timely advice.

We offer a wide range of employee benefit-related services to help employers optimise their compliance and save time, including a tailored annual P11D preparation service. We can help you identify and calculate all the benefits you need to report by reviewing your annual P11D data for accuracy.

If you have any questions about the subject raised in this update or require further details on how we can assist you with your reporting obligations, please email info@lbgroupltd.com or call 01206 867 551, and a member of the team will be pleased to help.

Resource: How to complete P11D and P11D(b) – GOV.UK (www.gov.uk)