Accountants in Wimbledon, serving clients around the UK.

P11d Requirements 2021 – Gordon D’Silva – Accountant in Wimbledon

(Machine led transcription – please excuse the typos.)

Hi, I thought I just do a quick video to explain the changes in P11d this year. The revenue of said fortunately at long last after 40 Years of pain that unless you have a benefiting kind of IE an expense that you’re taking out of the business, which you would owe tax on now, you don’t have to do a P11D

so for example, it used to be that if you took cash out of the business, uh, you know, if. Spend money on your personal credit card and it was for business expenses. You would have to declare that. Well, the good news is now all of that does not have to be declared. And if that’s the only type of expense you put through the company then there’s no p 11 D for you.

However, if you have loans if you have interest if you have medical if you have a gym membership if you have a company car. In all of those still need to be declared on appeal of Income-tax paid on them. So please um, look at your 11d in that respect. So when you get this email, the first part is going to be this bit says like do you really have anything to declare if you don’t and just say nothing to declare or business expenses, if you think you may have some declared based on you know, you drive your own van a car you have.

Medical insurance or gym membership or anything like that really, you know, the government likes you to pay tax on then plays, uh complete the p 11 the information in exactly the same way remember it’s up to the 5th of April any data up to the 5th of April. We will need to do your 11d and whether we’re doing a vat or not, whether we’re doing your year-end or not, we still need it.

But if it doesn’t apply to you can stop at this video and go. Nothing to declare and we’ll take your word for it and hope you’re right because if you’re not right, Unfortunately, they will be interested in penalties. So tread carefully, please thank you very much. I’ll speak to you soon. Take care.