{"id":292396,"date":"2025-06-14T08:13:58","date_gmt":"2025-06-14T08:13:58","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/p11d-what-it-is-and-what-you-need-to-do\/"},"modified":"2025-06-14T08:13:58","modified_gmt":"2025-06-14T08:13:58","slug":"p11d-what-it-is-and-what-you-need-to-do","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=292396","title":{"rendered":"P11D \u2013 What It Is and What You Need To Do"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><a href=\"https:\/\/www.kashflow.com\/wp-content\/uploads\/2017\/07\/workbook-1205044_960_720.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78016\" src=\"https:\/\/www.kashflow.com\/wp-content\/uploads\/2017\/07\/workbook-1205044_960_720.jpg\" alt=\"P11D forms \" width=\"400\" height=\"272\"\/><\/a>P11D is a tax form for expenses and benefits that needs to be filed by employers of nearly all business sizes.<\/p>\n<p>To fill it in, you\u2019ll need to calculate the cash equivalent of benefits and expenses you\u2019ve provided during the tax year. We explain how to do this further down.<\/p>\n<h2>Who does the P11D form apply to?<\/h2>\n<p>If your employees earn more than \u00a38,500 a year including expenses and benefits, then you\u2019ll need to file a P11D for each of them. The form will also need to be filed for each company director.<\/p>\n<p>The P11D form needs to be sent to the same tax office as your employee\u2019s or director\u2019s PAYE scheme.<\/p>\n<p>You won\u2019t need to file a P11D if you\u2019re a sole trader or a partnership without any employees.<\/p>\n<h3>P11D \u2013 what do I need to do?<\/h3>\n<p>As an employer, you\u2019ll need to calculate the cash equivalent of any benefits and expenses and report this to HMRC. Your <a href=\"https:\/\/www.gov.uk\/employer-reporting-expenses-benefits\/deadlines\" target=\"_blank\" rel=\"noopener\">P11D will need to be filed by July 6<sup>th<\/sup><\/a>, following the end of the tax year on April 5<sup>th<\/sup>.<\/p>\n<p>On 6<sup>th<\/sup> July you\u2019ll need to:<\/p>\n<ul>\n<li>Submit your P11D form online to HMRC<\/li>\n<li>Give employees a copy of the forms<\/li>\n<li>Tell HMRC how much National Insurance you owe on form P11D<\/li>\n<\/ul>\n<p>This deadline is fixed, and late filing\u00a0will result in fines of \u00a3100 per 50 employees for every month it is not submitted. Failure to correctly file P11D forms can result in fines, so many businesses have adopted software to ensure they <a href=\"https:\/\/www.kashflow.com\/\" target=\"_blank\" rel=\"noopener\">file their tax forms correctly and on time<\/a>.<\/p>\n<h3>What does the P11D form contain?<\/h3>\n<p>Amongst other things, the P11D should include:<\/p>\n<ul>\n<li>All business expenses the company pays for<\/li>\n<li>All personal employee expenses the company pays for<\/li>\n<li>Company car benefits, including mileage allowances and fuel<\/li>\n<\/ul>\n<p>There are 14 sections to the P11D, which\u00a0cover all these expenses in categories like \u201cMedical Health\u201d and \u201cServices Supplied\u201d.<\/p>\n<h4>What is a cash equivalent?<\/h4>\n<p>The cash equivalent is the cash value an employee will pay tax on according to their type of benefit. Speaking broadly, it\u2019s the cost of providing the benefit.<\/p>\n<h5>How to calculate the cash equivalent value<\/h5>\n<p>You can use the following formula to calculate the basic cash equivalent value:<\/p>\n<p>Cost to the employer of providing the benefit <em>minus <\/em>the amount made good by the employee (out of their net pay) <em>equals <\/em><strong>the cash equivalent value.<\/strong><\/p>\n<p>There are, however, different rules for different scenarios. For example \u2013 the cash equivalent for use of a company car will be calculated differently to the cash equivalent of being provided with fuel for personal use.<\/p>\n<p>This can be further complicated by different factors in the car. The date it was first registered, the value of accessories within the car when it was first made available and the cost of accessories added since, C02 emissions figure and its fuel type can all affect the amount of tax you pay.<\/p>\n<p>These different calculations are covered in HMRC\u2019s P11D Working Sheets, which you can download <a href=\"https:\/\/www.gov.uk\/government\/publications\/paye-draft-forms-p11d-p11d-working-sheets-2016-to-2017\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p>There are two ways you can approach this: read through the Working Sheets to better calculate your cash equivalents, or <a href=\"https:\/\/www.kashflow.com\/l\/kashflow-accounting-software\/\" target=\"_blank\" rel=\"noopener\">download an accounting software that does it for you<\/a>.<\/p>\n<h2>P11D software<\/h2>\n<p>KashFlow\u2019s <a href=\"https:\/\/www.kashflow.com\/bookkeeping\/\"><strong>digital bookkeeping software<\/strong><\/a> has been designed to make filing all tax returns, including the P11D, easy.<\/p>\n<ul>\n<li>We\u2019re HMRC-accredited and link directly, so your returns are filed to the right place and on time.<\/li>\n<li>We offer an integrated software suite so you can keep all your employee details, tax returns and general day to day bookkeeping all in one place.<\/li>\n<li>We store all your information on one secure server. This is a key feature as, legally, you have to store all information on expenses and benefits claimed over the last three years.<\/li>\n<\/ul>\n<p><strong>Want to see how it works? You can start a free trial today, or request a demo by calling 0344 815 5779<\/strong><br \/><a href=\"https:\/\/www.kashflow.com\/l\/kashflow-accounting-software\/\">Give it a go.<\/a><\/p>\n<h2>Keep reading:<\/h2>\n<p><span class=\"st\">Read\u00a0<\/span><a href=\"https:\/\/www.kashflow.com\/blog\/\">KashFlow\u2019s blog<\/a> <span class=\"st\">to get hints and tips on everything from starting and growing a business to VAT, freelancing and much more!<\/span><br \/>Dealing with HMRC can be a headache at times. But when it comes to VAT, we\u2019ve got you covered. From registering for VAT to calculating how much you owe, we\u2019ve included it all in our free guide. <a href=\"https:\/\/www.kashflow.com\/resources\/vat-reporting-and-you-how-to-keep-hmrc-happy\/\">Read it now.<\/a><\/p>\n<p><a href=\"https:\/\/www.kashflow.com\/resources\/vat-reporting-and-you-how-to-keep-hmrc-happy\/\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"540\" class=\"alignnone cta-image wp-image-78304\" src=\"https:\/\/www.kashflow.com\/wp-content\/uploads\/2017\/07\/make-VAT-easy.png\" alt=\"\"\/><\/a><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>P11D is a tax form for expenses and benefits that needs to be filed by employers of nearly all business sizes. To fill it in, you\u2019ll need to calculate the cash equivalent of benefits and expenses you\u2019ve provided during the tax year. We explain how to do this further down. Who does the P11D form [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":292397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[123729],"dealstore":[],"offerexpiration":[],"class_list":["post-292396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-p11d"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>P11D \u2013 What It Is and What You Need To Do - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=292396\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"P11D \u2013 What It Is and What You Need To Do - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"P11D is a tax form for expenses and benefits that needs to be filed by employers of nearly all business sizes. 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