Important P11D benefit form filing date

The deadline for filing your 2013/14 P11d benefit forms is 6 July 2014. Significant penalties may arise for incorrect or late returns. A P11d details any “benefit in kind,” where a company gives the employer something other than income, which has a direct financial benefit. Typically, this includes company cars, private healthcare, telephones, travel cards or it could be in the form of a loan where the terms of repayment are beneficial to the employee compared to commercial lending. Remember if you are also a director of your own limited company, you are classed an employee. Many dentists and medical consultants get confused with this, only taking into account their staff. If you think you require a P11D benefit form completed, Figurit are able to help.