P11D season is upon us

With the 2024/2025 tax year having now come to a close, our tax department are turning their attention to the completion of P11Ds. 

If you have provided a taxable benefit to an employee during the tax year, it’s important to ensure that you take one of the following actions:

1. Check that all payrolled benefits have been declared and make any necessary adjustments
2. Prepare a form P11D for each employee
3. Apply to H M Revenue & Customs for a PAYE settlement agreement 

Some of the most common benefits provided to employees are private healthcare and company cars.  But there lots of other benefits that need to be considered, such as interest free loans, accommodation, staff entertaining and fuel cards. 

With regards to the 2024/2025 tax year, now is the time to sit down and give thought to anything that employees have received in addition to their salaries. If you then need advice surrounding the tax treatment of anything provided, please get in touch.

Whilst collating information for 2024/2025 P11Ds, now would also be a good time to start giving consideration as to how you will capture this information in real time from 2026/2027 onwards, when the filing of P11Ds for all intents and purposes will come to and. 

If you require any further information in relation to benefits provided or assistance with the preparation of forms P11D, please get in touch with a member of the Streets Tax Team. You can email info@streets.uk or call your local office.

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