What is P11d form in SAP PA-BN-FB - Flexible Benefits?

SAP Term: P11d form

• Component: PA-BN-FB

• Component Name: Flexible Benefits

• Description: An Inland Revenue form submitted by employers on an annual basis, stating the cash equivalent of any benefits that have been given to an employee which, due to their nature, were not taxed on issue.

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• Key Concepts: 
  The P11d form is a document used by employers in the UK to report certain benefits and expenses provided to employees. It is part of the UK’s PAYE (Pay As You Earn) system, which is used to collect income tax and National Insurance contributions from employees. The P11d form is used to report benefits and expenses that are not subject to PAYE, such as company cars, private medical insurance, and other non-cash benefits. 
  
  How to use it: 
  The P11d form is used by employers to report the value of any non-cash benefits or expenses provided to employees. This information is then used by HMRC (Her Majesty’s Revenue and Customs) to calculate the employee’s tax liability. Employers must submit the P11d form by 6 July each year for the previous tax year. 
  
  Tips & Tricks: 
  It is important for employers to keep accurate records of all non-cash benefits and expenses provided to employees, as this information must be reported on the P11d form. Employers should also ensure that they submit the P11d form on time, as late submissions may result in penalties from HMRC. 
  
  Related Information: 
  The SAP PA-BN-FB Flexible Benefits component can be used to manage employee benefits and expenses, including those reported on the P11d form. This component allows employers to track employee benefits and expenses in real time, ensuring that all relevant information is available when it comes time to submit the P11d form.