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Borrowed the boss’s jet recently?

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.

P11D deadline

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!

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Amazon Sellers – top tips to ensure your long term success

Have you ever considered selling on Amazon or eBay, setting up an eCommerce business, or a little side hustle?

If this sounds like you, it seems you are not alone.

More and more people these days are selling online to boost their income, sometimes just for a bit of fun and with no higher plans, and other times in the hopes of turning this so called side hustle into their dream job and their very first foray into entrepreneurship…

We have been receiving lots of enquiries recently about accounts and tax for Amazon sellers, so I’ve recorded a little video outlining our top tips if you are thinking about giving it a go yourself…

Read More »

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