P11D Expenses
A P11D is a statement of any expenses you've claimed during any given financial year. P11D's don't include mileage expenses. Your P11D should arrive around July the 6th each year that you have claimed expenses.
Your employer uses a P11D to tell the HMRC about the value of any benefits in kind they've given you during the tax year. This means benefits or expenses that effectively increase your income, like:
- a company car
- private medical insurance
- interest free loans
Your employer will only declare them if you've earned at least £8,500 in the year, including the value of the benefits. They will work out how much each benefit is worth, record it on the form and send it to the HMRC. They'll also give you a copy, which you'll need for your records or if you complete a tax return. If you apply for a loan or mortgage, banks and building societies will accept a P11D as proof of extra income.
Requirements
Employers are obligated to calculate these and report the details to employees and HRMC by the end of a tax year. Penalties are applied if P11D returns are not complete or returned incorrectly. Many companies tend to use P11D software to help ensure the accuracy.
