Benefit in Kind


Incorrect or late completion of P11Ds can be costly, with the possibility of substantial penalties. To make matters worse it is quite possible that an error on one P11D form will have been repeated across your business for others, compounding penalties.

If you have any areas of doubt you should contact us, we are able to advise you on what should and should not be reported and what is taxable. We can also claim a dispensation excluding you from reporting a large majority of items on these time consuming forms.

Forms for 2014/15 should be submitted to HMRC on or before 6 July. A fixed penalty of up to £300 per form can be levied for P11Ds that are not sent in on time, with further penalties of up to £60 per form each day until they are filed.

Any liability to class 1A National Insurance contributions should be paid by 19 July, or 22 July if payment is made electronically and there is a penalty of £100 for every 50 employees or part of 50 for each month or part month that a form P11D(b) remains submitted.

The potential penalty for incorrect forms P11D and P11D(b) is based on the potential lost revenue, taking into account the employers behaviour, subject to a maximum of £3,000 per form.

Make sure your P11D strategy is in place. Contact us now to discuss your options for this year and plan for future periods, preventing unnecessary costs, tax and penalties.

Contact us today for a free consultation.

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