A client of mine had a company van which was used by the director. It was reported on P11D for a few years, including fuel BIK.
Director has sold the van to herself personally, so no more benefits being provided.
What needs to happen from a P11d/ benefits reporting perspective in this tax year?
Thanks
Replies (3)
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Not sure what you mean.
What has actually happened? It’s September 28 today so has the client had the use of the company van for part of tax year 2021/22? If so, then there will presumably be a benefit in kind to report for part of the year.
Was the value at which the “Director has sold the van to herself personally” above or below market value?
Is the business VAT registered?
https://www.gov.uk/tax-company-benefits/keeping-records-and-reporting-ch...
“Tell HMRC about starting or stopping company benefits
You must tell HMRC about any benefits you or your family start or stop getting from work - even if your employer has already taken Income Tax and National Insurance for them.”