Limited Company FAQ's

If your company car (owned, leased or hired by the company) is available to you for personal use, then a benefit in kind arises and is taxed on your personally.

Completing a P11d for a director and employees who are in receipt of company benefits or expenses is a HMRC requirement and there are serious consequences for failing to comply including penalties and interest.

Yes. Once you are satisfied that the information on the P11d is correct, Brookson as your tax agents will submit these forms on your behalf in time for the annual 6th July deadline.

You will not require a copy of a P11d form as there are no benefits in kind to report. You company however is still obliged to confirm to HMRC that there are no benefits in kind to report and no Class 1A National Insurance to pay as part of the P11d process.

You are required to report your Plld information as benefits of employment on your self-assessment return, therefore there may be additional tax to pay.

These are expenses which the business incurs directly but have a personal benefit to you. For example, if the business has paid for your personal gym membership.

A P11D(b) is the form that is sent to HMRC alongside the P11D showing any Class 1A National Insurance due on the expenses and benefits.

If you set a director’s fee below £123 per week for 2024/25 and do not have any other income subject to National Insurance, this may affect your eligibility for future benefits.

If you are going through cessation, then the usual business expenses incurred that relate to your trading activity are allowable.

If your company is in non-trading status then the expenses you incur should be kept to a minimum. You would generally still incur reoccurring company running costs such as accountancy fees and confirmation statement fees.