Benefits in Kind (BIK) cover a number of different perks or additional payments made by employers to their employees. They can include any of the following:
- Private Healthcare
- Loans
- Company cars
- Gym memberships
- And much more.
The above are all taxable benefits, and it is an employer’s responsibility to ensure they are noted on a P11D form, which is submitted on an annual basis to HM Revenue & Customs (HMRC).
It is worth noting that certain expenses should also be added to the P11D form. However, there are many different types of expenses with their own complicated rules, so it is best to seek advice if you are unsure.
The GOV.UK website also has an extensive list of all expenses if you are unsure and need to double-check.
The deadline for submitting P11D forms for the 2022/23 tax year is 6 July 2023.
Obtaining a P11D form
In previous years, P11D forms could be downloaded and filed by post with HMRC, but any submissions now need to be made through the PAYE online service.
In some instances, employers will have all expenses and benefits taxed through their payroll, so there may be no need to fill in a P11D form at all.
Missing the deadline and form errors – Do not pay the price
Penalties can be incurred if you submit your P11D forms beyond the 6 July deadline.
A fine of £100 per 50 employees will be handed out for each month or part month that it is late, with further fines issued if matters aren’t resolved.
It is also important that the P11D form is filled in correctly, as HMRC can fine employers for any information they later find to be inaccurate.
Therefore, it is best to go over P11D forms carefully before submitting them.
For any assistance completing or submitting your P11D forms, including queries about BIK, please contact us today.
Our BLOG
A landlord’s guide to HMRC’s Let Property Campaign
TESTIMONIALS
The staff at CST are always very friendly and approachable.… Read more “Mr JD Dolling, SW Heating Equipment Ltd”
We have been with CST for more than seven years… Read more “Doris Francis, Engineering Services (Bridgend) Ltd”
Our business has been handled by CST for many, many… Read more “Mr & Mrs Rise”
I moved my business to Clay Shaw Thomas because I… Read more “Sandra Wilkinson of Sage Marketing”
The audit was well planned and executed efficiently, with minimum… Read more “GE Carpentry”
Privately and within the company Clay Shaw Thomas provides a… Read more “Seashore Enterprises”
I am very happy with the service from CST. An… Read more “Mr Atkinson “
The family connection with CST goes back many years and… Read more “Dr Jones”
CST are very efficient, courteous and proactive when dealing with… Read more “Mr CMG Adams”
I have been a client for over twenty years and… Read more “Mr J T Wall”
Always one step ahead of the game, CST have helped… Read more “Mr RT Evans”
CST Staff always give unbiased advice in a clear and… Read more “Mr L Branfield”
It has been a professional pleasure working with CST, they… Read more “Mr P Jenkins”
SUBSCRIBE to our list
If you would like to see full details of our data practices please visit our Privacy Policy and if you have any questions please email tellmemore@clayshawthomas.com.