Category Archives: HMRC

P11D Form: What is it and What Is It For?

In this article, we take a closer look at the P11D form, what you need to include, when you need to file it, and – most important of all – what will happen if you don’t fulfill your P11D duties.

What is a P11D?

The P11D form is used to report Benefits In-Kind, these items or services which you (or your employees) receive from your company in addition to your salary. This can be as private healthcare, interest-free loans (to pay for train season tickets, for example) and company cars. The annual P11D form allows you to report these items to HMRC on your annual Self Assessment return. As benefits in kind effectively increase your salary, there may be National Insurance Contributions (NICs) to be paid on them. It is important to note these contributions will be paid...

Importance of Completing a Self-Assessment Form

Permanent workers are usually paid via Pay As You Earn (PAYE). PAYE ensures that the employee's income tax, national insurance, and student loan repayments have been deducted before the employee receiving their pay. However, self-employed individuals must pay to ensure that they have paid their taxes, national insurance contributions, and student loan repayments. If you are self-employed you must complete a self-assessment form to figure out what you owe and ensure that you have made payments before the deadline.

What Your Self-Assessment Covers

self-assessment The tax year runs from April 6th through to April 5th - if you have earnt over the tax threshold you'll need to pay a percentage of tax on earnings over this percentage. For the 2018/19 tax year, everyone receives a personal allowance of £12,500, earnings of £12,501...
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