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My query relates to the preparation of forms P11D the returns of expenses payments and benefits in kind.
My client is a company which paid £2 600 as a private medical insurance premium for a director on 1 March 2011. The period of cover under this policy is from 1 March 2011 to 31 March 2012 so the cover effectively costs £200 per month.
Our client completed form P11D for 2010/11 and included the full amount of £2 600 on the form because that was what was paid in that year and he is now shocked at his 40% tax liability on that figure.
Was the form P11D correctly completed or should it only have shown say £200 in respect of the period 1 March 2011 to 5 April 2011 with the balance of £2 400...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
