P11D Benefit Returns and Beneficial Loans

We now need to complete and submit any P11Ds to HMRC by 6 July and pay the Class IA NIC’s on benefits by 19 July.
Many directors/shareholders of owner managed companies have borrowed from their companies over the last year, and those loans must generally be declared as a beneficial loan on the form P11D. One exception is where interest has been paid on the loan at a rate higher than or equivalent to the official rate, which was 4.75% for the whole of 2009/10 tax year. This means that there will be many companies who may need to complete forms P11D for the first time.

Please contact us if you need assistance with the completion of your P11D Benefit Returns.