P11D forms: All you need to know

It’s the time of the year to start filling in and submitting your P11D forms. In this article we will be providing you with all the information you need to know about P11Ds including the 2021 submission deadline date.

What is a P11D form?

A P11D form, in its simplest terms is ‘a form to report benefits in kind’. ‘Benefits in kind’ are services/items which you (or your employees) may have received as well as your salary. These ‘Benefits in kind’ include things like:

• Private healthcare
• A company car
• Assets provided to an employee that have significant personal use
• A gym membership
• Home phones with personal use
• Non-business travel expenses

P11Ds are submitted to HMRC by the employer, not the employee.

When is the P11D submission deadline?

You need to submit P11D forms before the 6th of July 2021. They must be submitted to HMRC by this deadline, otherwise you will receive a fine. In the first 12 months of lateness, you would receive a fine of up to £100 per month. So, make sure you submit you P11Ds before the 6th of July 2021 to avoid a fine from HMRC.

How can Spectrum help?

You can call us anytime on 01179 902218 or drop us an email at hello@spectrum-accountancy.co.uk and we will get back to you as soon as we can. Our clients will be fully supported when completing their P11D forms and can call us whenever, or arrange an appointment to discuss any queries they may have regarding P11Ds.

If you’re not already one of our clients, why not switch to us? We are here to support you and your business whenever you need us. We offer a full range of accountancy services from personal taxation, VAT and year end compliance to business advisory and cloud accountancy. Call us now on 01179 902218 to discuss the next steps on switching to Spectrum.

Did you miss our previous blog post about the super deduction? Click here to read it.

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Categorised in: Business, P11d, Small Business

This post was written by Daisy Vowles