Reward trip on P11D
Discussion
I work in sales, and in my previous employer received 2 reward trips for over-achievement. For the sales year 2011 we went to the Caribbean in Jan 2012 and then for sales year 2013 we went to Thailand in Jan 2014. On both occasions my wife also joined me.
I don't remember anything on my P11D for the trip in 2012, but have just requested my P11D for tax year ending April 2014 and there's almost £3000 on there for the trip in Jan 2014. There was no warning this was a taxable benefit.
Is it correct to tax this reward trip? I assume so, but would like to verify as the tax to pay is not small.
Thanks
I don't remember anything on my P11D for the trip in 2012, but have just requested my P11D for tax year ending April 2014 and there's almost £3000 on there for the trip in Jan 2014. There was no warning this was a taxable benefit.
Is it correct to tax this reward trip? I assume so, but would like to verify as the tax to pay is not small.
Thanks
Eric Mc said:
Then it's pay up time, I''m afraid.
I assume you are in the middle of completing your 2013/14 Self Assessment.
And I assume you don't have any similar BIKs arising in 2014/15.
Correct on both counts - fortunately I overpaid on PAYE for 2013/2014 and am owed a bigger refund - so there are funds to cover the bill. I assume you are in the middle of completing your 2013/14 Self Assessment.
And I assume you don't have any similar BIKs arising in 2014/15.
Interesting to note that employees who attended the event were given a (taxed) salary boost to cover the tax bill in September. I guess this is more a legal/HR question than finance - I wonder where I stand with this as I wasn't given it.
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