P11d help.

[f1nn]

Hi maybe someone can clarify this for me.

I started working for a company in October 09, and was given a company car.

I have been given a P11D benefits and expenses form, which states under the car section, a car cash equivalent (£) of £2065.00 for this period.

I may be being really thick, but is this amount what I "owe", or an amount I will be taxed on.

Can someone confirm what and when I will be paying.

Sorry if this is in the wrong section.

[HellDiver]

Have you considered asking your HR department?

[Eric Mc]

f1nn said:

Hi maybe someone can clarify this for me.

I started working for a company in October 09, and was given a company car.

I have been given a P11D benefits and expenses form, which states under the car section, a car cash equivalent (£) of £2065.00 for this period.

I may be being really thick, but is this amount what I "owe", or an amount I will be taxed on.

Can someone confirm what and when I will be paying.

Sorry if this is in the wrong section.

You will be taxed on the amount of £2,065.


What was your final tax coding for 2008/09?

What is your current tax coding for 2010/11?

[Eric Mc]

There could be a double whammy on this year's tax coding - the Benefit in Kind charge relevant to 2010/11 plus the correction for 2009/10.

That's why I was curious to find out what the OP's codings were for the two years.

[f1nn]

On my last payslip my tax code was 647L, and I sure this has been the same for the last couple of years.

Thanks.

[scirocco265]

You should have informed HMRC of the change in your personal circumstanes initially, but then really your HR dept should have informed you to do that. Anyways, HMRC will find out once your P11d return is submitted by your employer shortly.

In answer to your question, your taxable benefit is just that; a benefit amount, not the amount you have to pay. As a rough guide, if you are a 20% tax payer, you should pay about 20% of the £2k, if you're a 40% tax payer etc

[f1nn]

Got another payslip today, same tax code 647L.

Assuming that the IR will take an interest when the p11d forms are submitted, when should I be expecting a change in my tax code?

[scirocco265]

Probably around September as they take a wee while to do anything. If I were you, I would contact them directly; otherwise you will have a hefty bill in a few months time.