P11D benefits question
Discussion
Morning all!
Quick question, I hope.
I started a new job part way through the year, and as that has resulted in the nice people at HMRC owing me several thousand in overpaid tax, I'm pretty keen to get my self assessment submitted!
One little challenge, though, is that I've just received my P11D and it is showing the full 12 month premium as the taxable benefit for health insurance rather than a prorated amount. Is this normal?
Obviously I've asked HR to confirm, but we're a small company. The entire HR department is off on his holidays this week, and I'll be off on mine before he gets back!
Presumably the safest bet is to submit the return with the full 12 months, then go back and update my assessment if they do issue me a prorated P11D?
If it makes a difference, I do know that the company pays the premiums annually, so could that potentially mean that I'll be left overtaxed until such time as I eventually leave the company and then it'll get trued up somehow?
Quick question, I hope.
I started a new job part way through the year, and as that has resulted in the nice people at HMRC owing me several thousand in overpaid tax, I'm pretty keen to get my self assessment submitted!
One little challenge, though, is that I've just received my P11D and it is showing the full 12 month premium as the taxable benefit for health insurance rather than a prorated amount. Is this normal?
Obviously I've asked HR to confirm, but we're a small company. The entire HR department is off on his holidays this week, and I'll be off on mine before he gets back!
Presumably the safest bet is to submit the return with the full 12 months, then go back and update my assessment if they do issue me a prorated P11D?
If it makes a difference, I do know that the company pays the premiums annually, so could that potentially mean that I'll be left overtaxed until such time as I eventually leave the company and then it'll get trued up somehow?
Kermit power said:
Morning all!
Quick question, I hope.
I started a new job part way through the year Exact date? , and as that has resulted in the nice people at HMRC owing me several thousand in overpaid tax, I'm pretty keen to get my self assessment submitted!for 23/24?
One little challenge, though, is that I've just received my P11D and it is showing the full 12 month premium as the taxable benefit for health insurance rather than a prorated amount. Is this normal? Ask your employer to give you a calculation as to how the charge is calculated. It is normal to pro-rate the benefit to 5th April.
Obviously I've asked HR to confirm, but we're a small company. The entire HR department is off on his holidays this week, and I'll be off on mine before he gets back!
Presumably the safest bet is to submit the return with the full 12 months, then go back and update my assessment if they do issue me a prorated P11D? They need to ensure the P11D is correct as they need to pay Employers NI on the total benefits per the P11Ds submitted
If it makes a difference, I do know that the company pays the premiums annually, so could that potentially mean that I'll be left overtaxed until such time as I eventually leave the company and then it'll get trued up somehow? As mentioned they need to show you the calculation. When you leave they will need to pro-rate the benefit to the date of leaving
Quick question, I hope.
I started a new job part way through the year Exact date? , and as that has resulted in the nice people at HMRC owing me several thousand in overpaid tax, I'm pretty keen to get my self assessment submitted!
for 23/24?One little challenge, though, is that I've just received my P11D and it is showing the full 12 month premium as the taxable benefit for health insurance rather than a prorated amount. Is this normal? Ask your employer to give you a calculation as to how the charge is calculated. It is normal to pro-rate the benefit to 5th April.
Obviously I've asked HR to confirm, but we're a small company. The entire HR department is off on his holidays this week, and I'll be off on mine before he gets back!
Presumably the safest bet is to submit the return with the full 12 months, then go back and update my assessment if they do issue me a prorated P11D? They need to ensure the P11D is correct as they need to pay Employers NI on the total benefits per the P11Ds submitted
If it makes a difference, I do know that the company pays the premiums annually, so could that potentially mean that I'll be left overtaxed until such time as I eventually leave the company and then it'll get trued up somehow? As mentioned they need to show you the calculation. When you leave they will need to pro-rate the benefit to the date of leaving
Somebody said:
Kermit power said:
Morning all!
Quick question, I hope.
I started a new job part way through the year Exact date? , and as that has resulted in the nice people at HMRC owing me several thousand in overpaid tax, I'm pretty keen to get my self assessment submitted!for 23/24?
One little challenge, though, is that I've just received my P11D and it is showing the full 12 month premium as the taxable benefit for health insurance rather than a prorated amount. Is this normal? Ask your employer to give you a calculation as to how the charge is calculated. It is normal to pro-rate the benefit to 5th April.
Obviously I've asked HR to confirm, but we're a small company. The entire HR department is off on his holidays this week, and I'll be off on mine before he gets back!
Presumably the safest bet is to submit the return with the full 12 months, then go back and update my assessment if they do issue me a prorated P11D? They need to ensure the P11D is correct as they need to pay Employers NI on the total benefits per the P11Ds submitted
If it makes a difference, I do know that the company pays the premiums annually, so could that potentially mean that I'll be left overtaxed until such time as I eventually leave the company and then it'll get trued up somehow? As mentioned they need to show you the calculation. When you leave they will need to pro-rate the benefit to the date of leaving
Quick question, I hope.
I started a new job part way through the year Exact date? , and as that has resulted in the nice people at HMRC owing me several thousand in overpaid tax, I'm pretty keen to get my self assessment submitted!
for 23/24?One little challenge, though, is that I've just received my P11D and it is showing the full 12 month premium as the taxable benefit for health insurance rather than a prorated amount. Is this normal? Ask your employer to give you a calculation as to how the charge is calculated. It is normal to pro-rate the benefit to 5th April.
Obviously I've asked HR to confirm, but we're a small company. The entire HR department is off on his holidays this week, and I'll be off on mine before he gets back!
Presumably the safest bet is to submit the return with the full 12 months, then go back and update my assessment if they do issue me a prorated P11D? They need to ensure the P11D is correct as they need to pay Employers NI on the total benefits per the P11Ds submitted
If it makes a difference, I do know that the company pays the premiums annually, so could that potentially mean that I'll be left overtaxed until such time as I eventually leave the company and then it'll get trued up somehow? As mentioned they need to show you the calculation. When you leave they will need to pro-rate the benefit to the date of leaving
I understand that I'll eventually have to get everything sorted out properly, but I assume I can submit it as it is now, then resubmit if/when they issue an updated P11D?
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