Your P11D Returns handled right
In the event that you lose your P45 you are unable to get a replacement. You will have to complete a New Starter Checklist for your new employer.
However, in the event you lose your P60 or lose your P11D, you are easily able to get a replacement copy from your employer.
You are also able to contact HMRC and they will be able to give you a copy of your P11D.
It is the responsibility of your employer to provide you with your P11D before the 6th July after the end of the tax year.
It is a good idea to keep your copy of the P11D form as you may need it to claim or return a repayment of tax.
If you receive any benefits in kind, for example health insurance or a company car, your employer must inform HMRC of these by completing and filing a P11D.
If you have received any benefits in kind then your employer will have to provide you a copy of your P11D form by 6th July in the tax following the tax year.
For example: if the tax year has run from the 5th April 2015 to the 6th April 2016 then the copy of the P11D form will have to be issued to you by the 6th July 2016.
You will need to submit a P11D form for each employee to HMRC at the end of each tax year. Moreover, if you have submitted any P11D forms you will also need to submit a P11D(B).
If the employer is paying the life insurance for the employee, then yes, life insurance is a benefit and should be reported on a P11D form.
However, if it is the employee who sorts out and pays the life insurance policy then it is not. However the pay out to the beneficiary will be tax free.
The tax that is owed on benefits received from your employer is paid through the PAYE system to HMRC.
Employees must still pay tax on company benefits like accommodation, cars or loans.
Moreover, when items are paid for in cash, you still have to pay National Insurance and Tax which is taken through the PAYE system.
Made good means to have repaid money owing in some way.
For example HMRC states: Class 1A National Insurance contributions: Calculating Class 1A NICs: Amounts made good by the employee.Meaning the Class 1A National Insurance contributions have been made good, repaid.
If you receive medical insurance that is paid for by the employer or company, it is considered a benefit and is therefore taxable.
However if you have medical insurance that you pay for yourself it is not.
HMRC will reduce your personal tax free allowance to make sure that you pay the correct amount of tax.
If the employer is paying for the life insurance then HMRC will consider it a benefit and it will taxed through the PAYE system by reducing your tax free personal allowance.
However, the insurance payout to the beneficiary will be tax free.
Benefits in kind, which are sometimes referred to as fringe benefits or perks, are benefits that directors or employees receive that are not including in their wages or salary cheques.
These can be things such as private medical insurance, company cars or loans.
Yes. As an employee, any benefits in kind that you receive like accommodation, cars or loans, you have to pay tax on.
Your employer will take the tax at source on your wages through the PAYE system, so you should not have to do anything.
Anything that your employer pays in cash you still have to pay tax and national insurance on, these things are also considered by HMRC to be earnings.
It is usually the employer or the provider of the benefits in kind that will have to file a P11D.
So if you're self-employed, that will be you who has to file it.
A P11D will have to filed with HMRC for each employee that has been provided with a benefits or expenses.
If you submit even a single P11D form, you will also have to file a P11D(b) form too.