The tax rules on benefits or expenses are different depending upon the type of the benefits or expenses. Tax experts at UK Property Accountants will review these and submit the correct P11ds form for your business.
When is the deadline to submit the P11ds form?
The P11ds form must be submitted by 6 July following the end of the tax year. For example, the deadline for submission of the P11ds form for the tax year 2021/22 is 6 July 2022.
What are the record-keeping requirements in relation to P11ds?
As per HMRC, you will need to keep a record of the following:
Are there any exemptions?
You don't need to report certain expenses and benefits in the P11ds form if you qualify for an exemption. Following are some examples:
To qualify for the exemption, you have to meet either of the following two conditions: