As a director of a company, especially if you have employees, you will know the importance of benefits to help your employees throughout their years with you. Whether these benefits are "small" or essential, they are given in addition to the salary they receive from the company - these are called benefits in kind. These can include private healthcare, interest free loans to pay for things such as season tickets for travel, gym membership, or company cars. The P11D form is used to report these items to HMRC on the annual Self Assessment return, and are submitted annually.Benefits in kind increase your salary and can be liable for National Insurance Contributions to be paid, but it is essential to note that they are paid for by the company, not the individual.Generally speaking, any items the company pays for and that the employee benefits from need to be included on the P11D form. Expenses and benefits that need to be reported to HMRC are:
The P11D form needs to be filed by 6th July following the tax year in question - for example, for the tax year running 6th April 2019 to the 5th April 2020, the form must be filed by 6th July 2020.
