Payroll & Year End

The personal impact of a P11d depends on what is itemised. If you have received a benefit in kind, you may have to pay tax on the cash value.

P11d forms should be provided annually by your employer on or before 6th July, following the relevant tax year.

A benefit in kind occurs when your company incurs costs or provides assets for the private use of the director or employee. Additional tax is payable personally and potential Class 1A National Insurance is payable by the company. For example, an expense which is not wholly and exclusively for the business and provides a perk/ benefit to the Director/ Employee.

A P11d is a form given to employees and HMRC to show all expenses and benefits paid to directors and employees in a financial year.

If your P60 information is incorrect, then your employer can issue you a new P60.

Your employer should provide you with a P60 on or before 31st May each year.

A P60 is a form issued at the end of the financial year, summarising an employee’s total pay and deductions for that year.

Yes, you need to provide them with a P60.

All limited companies that pays employees through PAYE must complete certain tasks at the end of the financial year.