The forms P11D, which report
employees and directors benefits in kind and
expenses, are due for submission by 6 July
2008 for the year ended 5 April 2008. The process
of tracking down the information can take some
time so it is important that you don’t
leave things until the last minute.
Some things to be aware of:
Company cars
The benefit is based on a percentage of the
list price plus accessories – not what
the business paid for the car. The percentage
is linked to the CO2 emissions of the car.
Provision of fuel
Employees provided with free fuel for private
as well as business motoring will be assessed
on a further benefit. This is calculated
as a percentage linked to the CO2 emissions
of the car and a set figure of £14,400
for 2007/08.
The set figure has increased to £16,900
for 2008/09. This is a good time to check whether
or not the individual would be better off paying
for their own private fuel. Don’t forget
that the employer also pays 12.8% employer
only Class 1A NIC on the value of broadly all
benefits in kind so there is a saving for the
business as well.
HMRC have issued the usual guidance to employers
on the completion of the forms P11D together
with tips on how to avoid errors based on last
years forms P11D.
If you would like any help with the completion
of the forms P11D or a reminder of the information
we require to complete the forms on your behalf
please get in touch.
Internet link:
HMRC
guidance and P11D
completion tips |
