Benefits in kind are benefits that employees receive from their employer that have a cash equivalent value. They are often known as perks or fringe benefits.
Benefits include:
- Company cars
- Medical insurance
- Loans at a beneficial (or no) interest rate
- Personal use of a company asset
- Non-business entertainment
If an employee receives benefits in kind in the year to the 5th April usually these need to be reported to HMRC on a form called p11D.
Any staff who have received these benefits in kind also need to be issued with a p11D as they will be taxed personally on it.
We can calculate, prepare, issue and file your p11Ds for you and let you know what tax, if any, you need to pay to HMRC and when.
