P11Ds – happy days are here again! BY Rebeccca Benneyworth
As the last P35s are filed, thoughts necessarily turn to the related task of preparing forms P11D for those staff affected by them. Here are a few practical tips on completion, and slips to avoid!
P11D is relevant to all directors and staff remunerated at a rate of £8,500 per annum including expenses and potential benefits. As the rate of National Minimum Wage is now £5.35 per hour. This means that staff working more than 31 hours a week will be subject to P11D in any event, as their rate of pay will exceed £8,500.