Chartered Tax Advisers & Accountants

Taxable Benefits Reminder

Published On: 23 June 2016
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If you are an employer who has provided taxable benefits during the year ended 5 April 2016 to your employees or directors, then you are likely required to report them on forms P11D and P11D(b). 

Taxable benefits includes:

  • medical/critical illness insurance,
  • providing a company car or van
  • living accommodation
  • tax free or low interest loans
  • professional fees in respect of the employee’s personal affairs
  • relocation costs.

The above list is not exhaustive. 

If forms P11D are needed, then it is also likely that the business will have a Class 1A National Insurance liability.  This is payable by 19 July (by post) and 22 July (electronically) and is charged at 13.8% on the value of the benefit provided. 

In addition, these forms are required to be submitted to HM Revenue and Customs by 6 July 2016.  If you require any assistance on this, please contact Wendy Cheung.