Our comprehensive P11D and PSA service

Managing your company expenses & benefits through P11D and PSAs

If your business provides benefits or pays expenses for your employees, it is vital to ensure that you maintain sufficiently robust record-keeping and checking processes that will stand up to HMRC scrutiny in the event of a PAYE visit or checks.

Are any of the expenses taxable, and are you reporting all the benefits in kind correctly?

 

Tracking your expenses and benefits

Calculating the taxable element of a benefit and working out what tax and National Insurance Contributions (NICs) need to be paid by both your business and your employees can be complex. Any taxable expenses and benefits need to be reported to HMRC via either P11D forms or a PAYE Settlement Agreement (PSA).

P11Ds are required to report benefits and expenses that the employee will be liable to pay tax on, and that the business will pay the NICs (e.g. company cars, private medical insurance).

PSAs can be very useful if you provide certain benefits that you would prefer to cover the tax/NIC on behalf of your employees – such as staff entertaining, staff incentive awards or gifts. They allow staff to enjoy the full benefit of that reward element, and not have to pay tax on it further down the line via a P11D tax charge. A benefit or expense that is included in a PSA does not need to be shown on a P11D or processed through the payroll.

 

Supporting you

Our specialist team provide a comprehensive P11D and PSA service – completing your annual P11D forms, creating copies for your employees, submitting to HMRC on your behalf and helping you keep on top of filing and payment deadlines.

If you would like to know more about this service contact support@garbutt-elliott.co.uk.