What You Need To Know About P11d

If you are one person who is employed and you earn some benefits from your employer

, you will be require by the system to make sure that you inform the HMRC about the benefits that you will be receiving. Now, if at all the benefits that you are receiving are not in cash, you will need to notify the HMRC, but you will need to do this through form P11d. In this particular article, we are going to look at this form, we will discuss the contents of the same, and lastly, we shall discuss the various obligations that your employer will have concerning this.

A Look At The P11d

The first thing that you will need to be aware of is the fact that there are several benefits in kind that you will receive, and these benefits include things such like interest free loans, free house, a company car, and many others. Now, it is the role of the employer to notify the HMRC about these benefits, if at all the value of all your total earnings, including the values of non-cash benefits - amount to at least 8,500 pounds.

Now, once your benefits are estimated to be at least 8,500 pounds the employer is required to send the information to the HMRC through the p11d form. The employer will need to fill more than a copy, and they will send you the extra copy so that you can use it in future when you are communicating with the HMRC about the tax obligations that you have, and those that you have met.

It is important to take note of the fact that it is the duty of the employer to calculate the value of your benefits. For example, what value do they place on the free education that they are giving your child if at all the school that you are going to belongs to the company? This is just one of the many things that people don't really pay great attention to.

This is an extremely important point, and you need to understand the fact that the P11d might go along way in determining how much money you will be required to pay. In fact, it is actually one of the features in the UK tax system that really seems to complicate issues for the taxpayer. Many people feel really offended that they have to pay taxes on "some money they never earned."

by: David de Souza

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