P11D form

Definition

The P11D form is a tax document used in the UK to report taxable benefits and expenses provided by an employer to their employees and directors. 

What is a P11D form?

A P11D form is submitted annually to HM Revenue and Customs (HMRC) and is used to calculate the amount of income tax and National Insurance contributions owed by employees on their benefits in kind. It ensures that employees pay the correct amount of income tax and NICs on their taxable benefits, in addition to their regular salary.

The P11D form includes details of various benefits and expenses provided to employees and directors, such as:

• Company cars
• Private medical insurance
• Fuel for company cars
• Interest-free or low-interest loans
• Expenses or benefits related to accommodation
• Other miscellaneous benefits and expenses

Each type of benefit or expense is listed separately on the P11D form, along with the corresponding cash equivalent value, which represents the taxable value of the benefit.

Employees and directors are required to report any taxable benefits and expenses received from their employer on their annual self-assessment tax return. The information provided on the P11D form helps employees and directors accurately report their taxable benefits and expenses on their tax return.

Employers who fail to submit the P11D form to HMRC by the deadline or who provide incorrect or incomplete information may be subject to penalties imposed by HMRC.

Example of a P11D form

P11D form for tax year 2022/2023

Employer details:

• Employer name: ABC Company Ltd
• PAYE reference: 123/ABC456

Employee details:

• Employee name: John Smith
• Employee reference: JS123456789

Details of benefits and expenses:

• Company Car: Cash equivalent value: £5,000
• Private medical insurance: Cash equivalent value: £1,200
• Fuel for company car: Cash equivalent value: £1,000

Submission details:

• Date submitted: July 6, 2023
• Submitted by: ABC Company Ltd