What is P11D form?
If you’re an employer and need to report end-of-year expenses and benefits for employees who earned £8,500 or more then P11D forms are to report on benefits in kind. These are items or services which you may may provide in addition to any salary (perks, basically), such as private healthcare, interest-free loans (to pay for train season tickets, for example) or a company car. The annual P11D form allows you to report these perks to HMRC. As benefits in kind effectively increase your employee’s salary, there may be National Insurance contributions to be paid on them (although it’s important to note these contributions will be paid by the company, not the individual).
Following are guidelines on Pensions Reform for small businesses.
- Familiarise yourself with the requirements of the legislation
- Employer responsibilities
- Frequently asked questions
The pensions reform legislation, due to be introduced in October 2012, will have wide-ranging effects across company pension schemes. This guide summarises the main changes for small businesses only.