Why do I not have a P11D?


From 6 April 2023 (from the 2023/24 tax year onwards), we no longer  ‘payrolled’ your taxable  benefit. This means that instead of only telling HMRC about your taxable benefits once a year on a P11d, it is done on a ‘pay as you go’ tax basis and pay the relevant tax direct from your salary every month.  

 

All information will be available on your payslips.


How will that work?

  • Your vehicle benefit will appear as a ‘Taxable Benefit’ on your payslip
  • This will display the cash equivalent value of your current allocated vehicle for the current pay period, which will be added to your Taxable Pay
  • This is the amount that you will be taxed on at your personal tax rate, e.g. 20%, 40% etc
  • Your vehicle benefit will no longer be taken account of in calculating your tax code
  • You will not require a P11D in relation to your vehicle benefit from 2023/24 onwards and you will not need to include it in your Self-Assessment tax return if you are required to complete one.

 

Will this mean I will pay more tax?

  • You will not pay any more tax than you would have done through the P11D process.  We will be taking a cut of the Fleet data every month before Payroll cut off, so if you change your car during the year your tax will be adjusted based on the taxable value of the new car in that month, rather than waiting until the following July to pay what is due. 

 

Does this mean that I will no longer have to tell HMRC if I change my company car?

  • Correct 


What do I need to do?

  • Nothing. We will complete all the changes on your behalf.


Can I check if the figure is correct?

  • Using the HMRC form (http://cccfcalculator.hmrc.gov.uk/CCF0.aspx) enter the list price of the car, date first registered, fuel type and the CO2 emissions. For all other options please select No or leave blank, if you're unsure. The amount the form gives you will be the annual amount of which is on your pay slip.