P11Ds are part of the annual cycle of tax submissions and considerations a business owner must contend with. They’re necessary if you provide your employees or Directors any benefits or expenses.
They are easier now to prepare and submit than historically, but still need to be treated carefully, as late submission can result in penalties and they can trigger unwanted attention from HMRC!
By thinking through benefits before they’re provided to employees, the tax impact can also be minimised. Speak to us before you go ahead to be sure that you’re rewarding your team, and not giving them an expensive headache!
There’s more information around the processing of payroll and P11Ds in our related services page, or in the articles posted below. As ever, if you’re unsure, or have any questions after reading any of the posts in this section, please get in touch with us.
What’s a P11D and when are they needed?
P11Ds are part of the annual cycle of submissions required by HMRC. They become necessary if you provide your employees or Directors any benefits or expenses.
The primary areas to consider are:
– Company cars.
– Accommodation costs.
– Health or dental insurance.
– Travel expenses.
What are Trivial Benefits?
Helping members of your team to feel valued and appreciated can play a large part in retaining them for the future of your business. Giving small, personal gifts can also just be a lovely thing to do, to recognise life events and small celebrations.
You need to be careful what you give as gifts though, to ensure you’re not causing unexpected tax issues as an unwelcome side effect!
Christmas Party Considerations
As soon as we’re past Halloween, our thoughts inevitably start to turn towards the next set of festivities! Adverts promise ‘delivery by Christmas’ and shops suddenly fill with tempting goodies to fill our trollies.
At this stage of the year, thoughts invariably start to turn to planning your celebrations for Christmas, giving gifts to your team or entertaining. There are key things you need to consider now rather than later.
Related News Items
Why not take a look at these sections too, as there is some overlap between our categories and we’d hate you to miss out!
Tax – Personal Tax
Tax – Company Cars
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Can I just say we are so pleased that we have moved to Baranov Associates. As we discussed when you visited, we had to find a way to take the stress out of all of the financials and you’re doing that for us! We can see how to use Xero more efficiently and so with us being as on top of it as we can be and with you and Liz we feel a lot more confident about our business being in good shape.
Mrs S James, Sandbanks Capital Partners Limited
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