Payroll – P11D deadline

If you are part of a business that deals with the accounting and payroll function you will be aware that the P11D, return of taxable benefits, deadline of 6th July 2024 is fast approaching. This is your P11D deadline date for 2024.

But, if you are busy dealing with other areas of the business you might not be aware that this deadline is getting very close indeed.

What is a P11D and when is the P11D Deadline?

The form P11D is a record of taxable benefits provided to employees and directors.

The return(s) for the tax year 2023-24 must be filed with HMRC by 6th July 2024 to avoid late filing penalties. The penalties applied will be £100 for every 50 employees per month so if you wish to avoid these fines, now is the time to act!

What are the most commonly reported benefits included on P11D?

• Provision of a company car
• Interest-free or low interest loans
• Private medical insurance
• Living accommodation
• Home broadband or phone costs
• Other personal expenses by the employer

What other payroll deadlines are approaching?

Repaying private fuel costs by 6th July 2024

As many company car drivers will know, the tax cost of employers paying for their employees’ private car fuel costs can be prohibitive. Since April 2017, it has been possible for employees to repay employers for any private fuel and when this is completed, on or before 6th July 2024, no car fuel benefit will apply for 2023-24.

Employees will need to keep records of business and private mileage in order to work out how much they need to refund to employers to take advantage of this facility.

In most cases, and especially when private use of a company car is limited, the cash cost of any payback should exceed the cash cost of the standard Car Fuel Benefit tax charge.

Paying Class 1A NIC – 19th (22nd) July 2024

Employers are charged Class 1A NIC contributions on the overall value of taxable benefits provided to their employees. The rate for 2023-24 was 13.8%.

Payment of Class 1A contributions needs to be made by the 19th of July 2024 if paying by cheque, or by 22nd July 2024 if paying by bank transfer.

If you would like help with payroll, P11D, or any other area of payroll tax, please contact our tax team on 020 7870 9050.  A member of our team is waiting to assist you.


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