Quick Poll results: 49% of companies use P11Ds to report taxable benefits
22 April 2021
The CIPP’s latest Quick Poll addressed which process businesses use to report taxable benefits – do they use P11Ds, do they payroll benefits or do they use a combination of both?
The results highlighted that 49% of companies use the legacy process of submitting P11Ds to both employees and HMRC in relation to taxable benefits. 20% of respondents confirmed that they have chosen to process taxable benefits through the payroll in real time, whilst 31% stated that they use a combination of both.
The predominant reason for employers using a combination of both methods is because not all benefits can be processed via payroll. Elements such as employer-provided living accommodation and interest-free and low-interest loans cannot be processed via payroll, and still need to be recorded on P11Ds.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.