Attached here is a summary of the types of benefits that could be received.
P11D form needs to be completed if any employees (including directors) have received benefits in kind or certain expense payments in the year to 5 April 2023 and these were not dealt with via the payroll in the year (see here).
If you need to prepare a P11D, this needs to be submitted to HMRC by 6 July 2023 and your Class 1A NIC liability is payable by 19 July 2023 (cheque) or 22 July 2023 (electronic).
There are penalties of up to £3,000 per return if an incorrect form P11D is filed fraudulently or negligently and £100 per 50 employees for each month the form is late.
If you require any assistance with the preparation of P11Ds, please let us know and we can provide you with some recommendations of providers offering this service.
Following the fairly recent case ‘HMRC vs Coca-Cola’ great attention should be given when considering if a vehicle should be treated as a van or a car for benefit in kind purposes.
If you have any queries in relation to the above, please do not hesitate to contact us as soon as possible.