Limited Company FAQ's

These are loans made by the company to directors and their families. If the loans are more than £10,000 then a benefit in kind arises at the beneficial loan rate of 2.5% for 2019/20. If the loans are less than £10,000, then no benefit is applied.

The company van benefit and van fuel benefit is based on a fixed amount. For 2019/20, the van benefit is £3,430 and the van fuel benefit £655.

If your company pays for all your fuel in your company car and you do not identify and pay back the personal mileage element, then there is a taxable fuel benefit as well as your car benefit. This FAQ helps you calculate this tax.

If your company car (owned, leased or hired by the company) is available to you for personal use, then a benefit in kind arises and is taxed on your personally. This FAQ helps you calculate this tax.

Completing a P11d for a director and employees who are in receipt of company benefits or expenses is a necessity and there are serious consequences for failing to comply including penalties based on a percentage of lost revenue.

Yes. Once you are satisfied that the information on the P11d is correct, Brookson as your tax agents will submit these forms on your behalf in time for the annual 6th July deadline.

You will not require a copy of a P11d form as there are no benefits in kind to report. You company however is still obliged to confirm to HMRC that there are no benefits in kind to report and no Class 1A National Insurance to pay as part of the P11d process.

You are required to report your benefits in kind and record these benefits of employment on your self-assessment return, therefore there may be additional tax to pay.

These are expenses which the business incurs directly but have a personal benefit to you. For example, if the business has paid for your personal gym membership.

A P11D (b) is the form that is sent in to HMRC alongside the P11D showing any additional tax or Class 1A National Insurance due on the expenses and benefits.