What if the P11D is wrong?

Produced by a Tolley Employment Tax expert

Employment Tax

Guidance

Calculating the value of benefits to be reported on P11Ds is not a simple exercise and mistakes do come up. This guidance note will help you if an error is discovered.

The action to be taken when an error is discovered depends on whether the error is found before or after submission to HMRC.

An incorrect entry may be seen by HMRC as an indicator for ‘employer education’ which may take the form of a compliance visit (see PAYE57335). However in practice, P11D corrections are commonplace, especially for large employers. Often large amounts of data must be processed in a short time frame to meet P11D deadlines, with the inevitable risk of human or data error. In most cases, any mistake identified should therefore simply be corrected as quickly as possible and on a ‘matter of fact’ basis.

For more, see Simon’s Taxes E8.819.

Errors discovered prior to submission

Ideally, errors should be corrected before submission to HMRC so that no issues other than the internal work of correcting them will be necessary. If

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Corporation Tax

Associated companies ― from 1 April 2023

Associated companies ― from 1 April 2023Implications of associated companiesFrom 1 April 2023, the rate of corporation tax that a company is subject to depends on the level of its augmented profits. The rate of tax is based on a comparison of the company’s augmented profits against the corporation

22 Mar 2021 10:21 | Produced by Tolley Read more

Corporation Tax

Premiums on the grant or surrender of a lease

Premiums on the grant or surrender of a leasePremiums on the grant of a lease ― outlineWhen a property investor grants a lease, potentially this could be done on the basis that the tenant pays a premium for the initial grant of the lease, in addition to also paying rent over the term of the lease.

14 Jul 2020 12:58 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax Read more

Corporation Tax

Research and development expenditure credit (RDEC)

Research and development expenditure credit (RDEC)This guidance note provides information on how research and development expenditure credits (RDEC) are calculated and utilised. The Qualifying expenditure for R&D tax relief guidance note provides information on what expenditure qualifies for

14 Jul 2020 13:24 | Produced by Tolley in association with Will Sweeney Read more

UU��ֱ��