| 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 |
