P11Ds – Key things to know

If you provide benefits to employees – from private healthcare to company cars – you’ll likely need to file a P11D. Here’s what SMEs need to know for the 2024/25 tax year, including deadlines, tax implications, and how Ad Valorem can support you.

What is a P11D?

A P11D is a statutory form detailing the taxable benefits provided to employees. Employers must review and file these annually. They help HMRC determine any additional tax due via self-assessment or PAYE code adjustments.

A separate form, P11D(b), is also required to summarise the Class 1A National Insurance (NI) due on all benefits provided.

What Counts as a Taxable Benefit?

Taxable benefits (or “benefits in kind”) are non-cash rewards given in return for services. Common examples include:

• Private medical or dental insurance
• Company cars and fuel
• Living accommodation
• Interest-free or low-interest loans
• Gym memberships
• Multiple mobile phones
• Staff parties costing over £150 per head

⚠️ Not sure if something qualifies? It’s always best to check with your accountant.

P11D 2024/25 Deadlines & Employer Obligations

The 2024/25 tax year runs from 6 April 2024 to 5 April 2025. Key P11D deadlines include:

• 6 July 2025 – Deadline to file P11D and P11D(b) forms
• 19 July 2025 – Payment deadline for Class 1A NI (by cheque)
• 22 July 2025 – Payment deadline for Class 1A NI (electronic)

The Class 1A NI rate for 2024/25 is 13.8%, based on the cash equivalent of benefits provided.

Example

If your company provides private healthcare to an employee, you must:

• Include the cost on their P11D
• Include the total benefit costs on the company’s P11D(b)
• Pay 13.8% Class 1A NI by the stated deadline

How Ad Valorem Can Help

Our team can:

• Clarify what counts as a taxable benefit
• Accurately calculate cash equivalents
• Prepare and file all required forms
• Help you structure benefits tax-efficiently

Ready to get started or need advice? Contact our team today.

(E) enquiries@advaloremgroup.uk (T) 01908 219100 (W) advaloremgroup.uk