P11D Confusion ??

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Strantona
Strantona Registered Posts: 14 New contributor 🐸
in General accounting discussion
P11D's?? can anyone let me know if when a one man band limited company pays for an expence ie stationery or an over night accomodation then is reinbursed the same amount of money or put in Directors current account to be paid back later, do you have to put this on a P11d so that the company then pays National Insurance, i think this is un fair as there has been no benefit ??? so why does the company have to pay this ni???

WHAT WOULD HAPPEN IF THE ONE MAN BAND WRITES A COMPANY CHEQUE SURELY THIS DOESNT HAVE TO GO ON p11D ???

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  • sloshed
    sloshed Registered Posts: 100 Dedicated contributor 🦉
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    The expenses go onto section N of the P11D which is not subject to N.I. The director then claims this back on his personal tax return as expenses necessary in the perfomance of his duties.

    The effect is that there is no benefit.

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