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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
The wife has just received a benifits form P11D from her employer.? |
The P11D form she received shows the benifits amount to 拢477. The question is, do we pay tax on it, claim tax releif or what. Any help would be most appreciated Your wife will pay tax on this (at 22% or 40% depending on her income) but doesn't need to do anything with this. Her employer will also have filed a copy of this form with HMRC and this will be used to amend her tax code over the next year so that the tax is collected through her payslip. If she earns less than about 40k the tax on 拢477 is just over 拢100 and will be collected from her pay each month (about 拢8.50 per month). No need to take any action! Source(s): I'm a tax adviser! Unfortunately, your question does not give enough information as it depends on the nature of the benefit. If it was something such as reimbursed costs of entertaining customers, or business travel etc, she may be able to claim tax relief on it. If the expenses were incurred wholly, necessarily, and exclusively in the course of her employment, she can make a claim in writing under s.336 ITEPA for tax relief to apply so she will not be taxed on the benefit. Otherwise, the benefit will probably be included in her notice of coding and tax paid accordingly. If she completes a tax return each year, she will need to include the benefit on her tax return, in the employment supplementary pages. The claim under s.336 is also included on the same pages. Ignore Grimbald and listen to Flick. P11D shows benefits in kind and has a tax calc on it already done. Most people will just get their tax coding amended next year. 拢477 at her marginal rate of tax will not cost a great deal. If your wife fills in a tax return (which she will need to if she has taxable income other than her earnings) she will need this form for part of that. If she reads the guidance notes with the form they will tell her where she needs to put the figures. If she doesn;t fill in a tax return you need do nothing as the Inland Revenue will adjust the amount of tax she pays through her code automatically. |
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