Can someone please help me out with my P11d query?
A director of a company has a P11d of £20k which is wholly a business expense which she has paid for herself to allow her to do her job. On completely her Self-assessment do I add these as benefits within the P11d section on taxcalc under the various headings and then put the total in other expenses, so the amount has a nil affect, is it really that simple??
Many thanks
Allison
-- Edited by ridgey22 on Tuesday 30th of July 2013 12:24:34 PM
Can someone please help me out with my P11d query?
A director of a company has a P11d of £20k which is wholly a business expense which she has paid for herself to allow her to do her job. On completely her Self-assessment do I add these as benefits within the P11d section on taxcalc under the various headings and then put the total in other expenses, so the amount has a nil affect, is it really that simple??
Many thanks
Allison
-- Edited by ridgey22 on Tuesday 30th of July 2013 12:24:34 PM
Hi Allison,
I am not an expert in SAs, but as far as I understand in the self-assessment form you can declare the expenses of that individual
only. In your client's case, she as a director has received benefits, I assume, that she was compensated for the business expenses
she paid out of her personal cash/bank. These expenses, say it was £20K, were the company's expenses and will be deducted when calculating the company's profit(or loss) for the year. You do not use these expenses in the director's self-assessment form.
Thus in the SA form for the director with regards to the received benefits you will need to tick box 'Yes' in the Employments section, then fill in SA102, box 16, the amount of received benefits. If there were any other expenses, other than £20K, then you declare them in the boxes 17-20 accordingly.
