Top Tips for Completing Your P11D

With just over a month to go before the P11D forms are required to be submitted, we just wanted to remind you of some of the guidelines…

A P11D form is required for every director and employee who earns more than £8,500 and has been paid expenses or provided with a benefit in kind in the last financial year. Areas you need to watch out for on the P11D are:

Medical Treatments

On 1 January 2015, a new tax and NI exemption came into place. The new legislation states that you no longer need to report payments on the P11D form for the cost of medical treatments that have helped employees get back to work.

Working from Home

When it comes to employees voluntarily working from home, then it is mandatory that you report costs for reimbursements of broadband. This is because the exemption, which applies to the payment of homeworking expenses of up to £4 per week, does not apply in these circumstances.

Company Car

In relation to the company car section, HMRC have advised that if a company car was available for the duration of 2014/15, then you should leave the ‘from’ and ‘to’ sections blank.

Submitting your P11Ds

The P11D form is now available to complete online. However, HMRC have emphasised that if you have submitted your forms online then you do not need to follow it up with a hard copy. However, if you choose to remain with the hard copy then you must ensure that it is the 2014/15 version and not the version from a previous year. It must be noted that the process of submitting the form will not be complete unless you send HMRC an online or paper version of the P11D(b), confirming that you have either completed all the forms necessary or that non are required. All forms must be submitted by 6 July 2015. For help completing your P11D forms please contact Paul Dell at paul.dell@raffingers-stuart.co.uk.