Have you borrowed the boss’s jet recently? Probably not, indeed it’s much more likely that the nearest you get to a company perk like that is a company car or private medical treatment. If this is the case then did you know that all these ‘perks of the job’ are treated as ‘benefits in kind’ which need to be recorded on a P11D form and you will be taxed on them.
Which perks should go on the P11D?
If you’re not sure which benefits are included in this ruling, such as, employer-provided child care, gym membership or that home phone your employer pays for, then contact, Stockport-based chartered accountants, IN Accountancy, for advice.
The IN Accountancy team are currently busy completing P11D forms for clients in time for the 19 July deadline because failure to do so can result in penalties. These penalties can be as high as 70% of the total value of the benefit received, if HMRC think you have intentionally concealed information from them.
This ruling covers anyone who completes a tax return so make sure you have submitted your P11D form in good time before the deadline!