What does benefit in kind mean?

Benefits in kind are non-cash benefits.

What are some examples of benefits in kind?

Some common examples of benefits in kind include company cars, private medical insurance, low-interest loans, company-provided accommodation, and gym memberships.

When are P11D forms due?

P11d forms must be submitted to HMRC by the 6th July following the end of the tax year.

How is benefit in kind tax calculated?

Employees pay income tax at the marginal tax rate, for example 20% if you earn below £50,000 annually and 40% of you earn £70,000 annually, and employers pay National Insurance contributions (Class 1A) at the rate of 15%.