Employee Benefits & Expenses

Now that the 2024/25 tax year has concluded, it is time to consider preparing and submitting P11D forms. These forms are essential for reporting benefits and expenses provided to your employees, ensuring compliance with HMRC regulations.

P11D forms are used to report various benefits and expenses that are not processed through payroll. These benefits can include company cars, private medical insurance and other non-cash benefits. Accurate reporting of these benefits is crucial to avoid any potential penalties or underpayments of tax and National Insurance contributions.

Some common examples of benefits that would need to be reported on a P11D form include:

• Company cars and fuel

• Private medical insurance

• Store vouchers

• Mobile phones with both business & private use

• PerkBox Schemes

The full list of taxable benefits is extensive and means many companies are caught out as they are unaware of the treatment of a benefit provided to employees. Please do not hesitate to contact us if you are unsure of the classification of a benefit provided to your employees.

Please note that the deadline for submitting P11D forms to HMRC is 6th July 2025, with any Class 1A National Insurance payable by 22nd July 2025.

If you require assistance in preparing your P11D forms, please do not hesitate to contact us. Our team is here to help ensure that your forms are completed accurately and submitted on time.