Taxable Benefits Reminder
Published On: 23 June 2016
If you are an employer who has provided taxable benefits during the year ended 5 April 2016 to your employees or directors, then you are likely required to report them on forms P11D and P11D(b).
Taxable benefits includes:
- medical/critical illness insurance,
- providing a company car or van
- living accommodation
- tax free or low interest loans
- professional fees in respect of the employee’s personal affairs
- relocation costs.
The above list is not exhaustive.
If forms P11D are needed, then it is also likely that the business will have a Class 1A National Insurance liability. This is payable by 19 July (by post) and 22 July (electronically) and is charged at 13.8% on the value of the benefit provided.
In addition, these forms are required to be submitted to HM Revenue and Customs by 6 July 2016. If you require any assistance on this, please contact Wendy Cheung.