P11D & Self-Assessment Tax Returns


The deadline for filing your P11Ds with HMRC is 6 July

Whilst most employers know to include company cars, fuel benefits and private medical insurance on their P11Ds, there are other benefits that need to be considered:

Employee Loans – if you offer employees loans of over £10,000 in a tax year – for example, so that they can purchase a new car – then these may be class as ‘beneficial loan arrangements’ if the interest you charge is less than 2.25% per annum (this is the current HMRC ‘official rate’ of interest). Beneficial loan arrangements must be reported on your P11D.

Childcare Costs – if you offer to contribute to employees’ childcare costs, this could be considered a reportable benefit unless covered by a tax-exempt scheme such as the childcare vouchers scheme.

Credit Card Facilitiesdo your employees have use of company credit cards for their personal expenditure? If so, this is considered a benefit and must be reported on your P11D.

Accommodationdo you provide rent-free or subsidised accommodation for your employees to live in, for example a caravan located on-site? If so, it could be considered a benefit depending on the specifics and would therefore need to be reported on your P11D.

The team at Elevate would be happy to answer your P11D questions.


Self-Assessment Tax Returns 2023-24

Most individuals will now have received their P60s from employers, which is one of the common roadblocks when attempting to complete Self-Assessment Tax Returns.

This means it’s the perfect time to get your Tax Return filed and avoid that moment of dread in January! Filing your Tax Return early can have a number of benefits:

Adjusting the July Payment on Account – by filing your Return before 31 July, you can accurately assess whether your payment on account is too high; if so then you can request a reduction on the July payment on account ensuring you don’t have a nasty hit to your cashflow in the height of summer!

Easier Access to Help and Advice – HM Revenue and Customs (HMRC) are often inundated with calls and letters around the festive period and into January, meaning long waiting times or a struggle to even reach an advisor. Filing early gives you a better chance of getting the support you need, when you need it!

Financial Planning – by filing your Tax Return early, you have a much more accurate picture of your upcoming tax liabilities and significantly more time to save for these as necessary.

Avoid Penalties and Interest – leaving your Tax Return until the last minute, you always run the risk of forgetting to file or not having the funds to pay which could leave you with hefty penalties and interest charges. The deadline for submitting your 23-24 tax return to HMRC is 31 January 2025, but remember this is also the deadline for paying any tax due, so the earlier you get this done the better.

We complete Tax Returns as soon as is practical to ensure that our clients have a clear picture of their upcoming tax liabilities.

Please get in touch if you would like to discuss your tax return.