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.