July 2024 - What is a P11D?

A P11D tax form is an HMRC document used to report benefits given by Employers. It must be submitted to HMRC by the Employer every year for each staff member (including directors) that receives certain benefits and expenses considered taxable by HMRC.

The P11d is completed by the 6^th July for the previous tax year (for example the P11D completed and issued for 6^th July 2024 deadline would cover the tax year 6^th April 2023 to 5^th April 2024).

HMRC have announced that Payrolling Benefits in Kind (PBIK) will be mandatory from April 2026. The aim is to reduce administrative burdens by simplifying and digitising reporting and paying tax on all employment benefits, removing the need for P11D forms.

Employers who provide employees/directors with reportable benefits, which are not reported under the current voluntary Payrolling Benefits in Kind (PBIK), may wish to consider enrolling before the mandatory regime commences.

Although it is too late to payroll benefits provided to employees in the current 2024/25 tax year, there is plenty of time for employers to apply to HMRC to payroll benefits for the 2025/26 tax year, provided they register by 5 April 2025.