P11Ds are the annual forms used to tell HMRC about any benefits in kind (such as company cars or medical insurance) or reimbursed expenses paid to employees, including directors. You also must file a summary form called a P11D(b).
The forms for the year to 5 April 2014 report all expenses and benefits provided between the year from 6 April 2013 to 5 April 2014.
The forms must be completed and filed with HMRC by 6 July 2014 to avoid a penalty.
The penalty is based on the number of employees you have on your payroll and the lateness of the form. The later the return the higher the penalty.
National Insurance contributions need to be paid by the employer on benefits in kind. This Class 1A National Insurance bill is due and payable on 19 July 2014.
We are currently preparing, or have already prepared the P11Ds for all clients who have asked us to complete their P11Ds for them as part of our Fixed Fee Agreement. Please contact us if we do not already complete these forms for you and you would like some help.