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P11Ds for liquidated companies

P11Ds for liquidated companies

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The company I work for is currently in administration and is likely to face liquidation, and if liquidation occurs there will be nobody remaining to produce P11Ds at the end of the tax year. In this case I assume that it will be the responsibility of the individual to self-assess for taxable benefits received during the tax year? Does anybody know if the Inland Revenue have a standard approach to this?
Robert Kenneth Essex


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By neileg
07th Jan 2003 16:12

No change
Under self assessment, the individual always has a responsibility to self assess, but can use the employer's returns as a guide. So with the liquidation of the company, the individual retains the obligation but loses the assistance of the employer. Obviously, the employee may have been relying on the employer's record of benefits, and these may well no longer be available.

I've not dealt with this in practice, but I believe that the IR will accept that the individual's information may be estimated or approximate.

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