Problems with HMRC’s online P11D forms emerge
Employers must ensure that their P11D are filed by 6 July 2022. However, a problem has emerged with HMRC’s online forms. What’s going on?
The Institute of Chartered Accountants in England & Wales (ICAEW) has warned that employers that have provided their employees with electric vehicles that there are issues with HMRC’s automatic calculation of the taxable amount. The taxable amount for a company car is based on the list price and a relevant percentage that increases with higher emissions.
The issue appears to be that HMRC’s computation is applying a rate of 37% (the maximum) instead of the 1% that should apply to electric vehicles for 2021/22. Employers should urge employees to check their tax codes to ensure excessive amounts are not included. Unfortunately, the only way to remove the error is to call HMRC. There appears to be no issue where a paper return is filed, so it may be worth submitting paper forms for potentially affected employees this time round – but time is running out to do this.
Related Topics
-
Cut your losses to get a tax refund
You invested in a company that’s now in dire straits and your shares are worth next to nothing. Selling them isn’t an option so how do you go about getting some tax back on your bad investment?
-
HMRC updates advisory fuel rates from 1 March 2026
HMRC has published the latest advisory fuel and electric rates (AFRs) for company cars, effective from 1 March 2026. Several rates have changed since the previous quarter. What should employers be aware of?
-
5 April deadline approaching for key tax relief claims
With the end of the 2025/26 tax year now less than seven weeks away, business owners and company directors should remember that several valuable reliefs and elections must be made before 5 April. Which opportunities are about to close?