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As benefits in kind effectively increase your salary, there may be National Insurance contributions to be paid on them also, although it’s important to note these contributions will be paid by the company, not the individual.
Examples of expenses and benefits include:- Company cars
Each benefit or expense is calculated different and they are not all treated in the same way. Check here for HMRC’s type of expense to ensure correct calculations are submitted.
There are currently 14 sections on the P11D:Section A – Assets TransferredSection B – Payments made on behalf of the employeeSection C – Credit Cards and vouchersSection D – Living AccommodationSection E – Mileage AllowancesSection F – Cars and car fuelSection G – Company VansSection H – Beneficial LoansSection I – Medical HealthSection J – Qualifying Relocation PaymentsSection K – Services SuppliedSection L – Assets placed at employee’s disposalSection M – Other ItemsSection N – Expenses Payments
Don’t neglect or leave until the last minute
Register to Payroll the benefits
Here at 2020 Accountancy, we understand the time it takes to keep accounts and finances up to date, especially when you’re a contractor or freelancer trying to juggle everything that a small business has to manage. That’s why we want to make your working life easier by managing your accounts for you.