July 01, 2024

Article

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 6th July for the previous tax year (for example the P11D completed and issued for 6th July 2024 deadline would cover the tax year 6th April 2023 to 5th 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.

let's
 talk...

Fill in the form and we’ll get back to you as soon as possible.

Proud to be associated with

Corporate finance
Chartered accountants
Xero
Somerset business award
Somerset
Regional Top25 list logo South West
Accred 2023 2star
2023 Top25 Best Large Companies 1
2023 No1 Accountancy Firms Logo
B corp mid
Praxity white
Accred 2024 3star

What’s happening at AG.

Collaborative

Collaborative

Impactful

Impactful

Trustworthy

Trustworthy

Progress

Progressive

Newsletter sign up

Sign up & stay informed.