Discussion
Hi quick question re: P11D
I was made redundant last year and part of the settlement was I could keep my company issued computer equipment, however this has been entered on my P11D, is this correct as it would appear I now have a tax liability on it?
Doesn't feel correct as I don't recall this type of thing having an impact on my tax code when I have changed jobs and been able to keep IT equipment with permission.
Any pointers as don't want to be screwed over even more!
I was made redundant last year and part of the settlement was I could keep my company issued computer equipment, however this has been entered on my P11D, is this correct as it would appear I now have a tax liability on it?
Doesn't feel correct as I don't recall this type of thing having an impact on my tax code when I have changed jobs and been able to keep IT equipment with permission.
Any pointers as don't want to be screwed over even more!
If it was part of a redundancy package your employer shouldn't have put it on the P11D.
The fact they have means that in the eyes of HMRC it is a benefit in kind and will need the resulting tax paid on it.
Sounds like when equipment was gifted before and not declared on a P11D your employers did you a favour as it should have been.
I doubt you can take this up with HMRC yourself as its your previous employer who issued the P11D. Contact them in the first instance and see what they say.
The fact they have means that in the eyes of HMRC it is a benefit in kind and will need the resulting tax paid on it.
Sounds like when equipment was gifted before and not declared on a P11D your employers did you a favour as it should have been.
I doubt you can take this up with HMRC yourself as its your previous employer who issued the P11D. Contact them in the first instance and see what they say.
They are being a little silly regarding this, they outsource the accounts and claim they are right.
Shouldn't it just remain on the books and be written down over the period to nil value or do they need to show it on a different declaration/form? What would the correct procedure be dealing with this as being part of my settlement agreement completed after my contract was terminated.
It's listed as a separate entry on my agreement with no value against it, so seems very unfair now to put a cash value against it at £2500. (Laptop and screen).
Any help appreciated as they stitched me up by laying me offf after promising to relocate me and the family.
Shouldn't it just remain on the books and be written down over the period to nil value or do they need to show it on a different declaration/form? What would the correct procedure be dealing with this as being part of my settlement agreement completed after my contract was terminated.
It's listed as a separate entry on my agreement with no value against it, so seems very unfair now to put a cash value against it at £2500. (Laptop and screen).
Any help appreciated as they stitched me up by laying me offf after promising to relocate me and the family.
If the gifting of the equipment was part of your redundancy package then it should not have been reported on the P11D. That is incorrect. Your employer should have provided a separate statement to HMRC setting out the ongoing benefits you were provided with as part of the redundancy package IF the total package will exceed £30,000. These form part of the total amount which falls under the "£30,000 exemption".
Your ex employer needs to revise the P11D and submit that separate statement to HMRC if required.
Your ex employer needs to revise the P11D and submit that separate statement to HMRC if required.
Edited by LC23 on Wednesday 24th June 21:36
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