HMRC have released the 2014/15 benefits and expenses Form P11D plus updated guidance to go with it.
What does this mean and should you care?
A P11D is a form that is required to be submitted by 6 July 2015 to HM Revenue & Customs.
The form is for employees (directors and non-directors) who have received a taxable benefit from their company (this can apply for 1 person company) or if they have been paid expenses (but excluding mileage allowance at 45p per mile)
A taxable benefit could be:
Company car
Private medical
Employee vouchers
Interest free loan
Travel and subsistence (but not mileage allowance)
Entertainment
This form is in addition to your normal personal tax return.
If you need help with this email me at russell@rsaccountancy.co.uk
