Van benefit
JodieR
Registered Posts: 1,002 Beyond epic contributor 🧙♂️
I've got a client who lets his employee use the company van for private use. In 2010/11 he earned well under £8500 (even after including the van benefit & pro-rataing) but in the current year he will probably earn over £8500. It's the first time I've ever had this situation and I feel that HMRC should be notified so that his tax code can be adjusted now for the van benefit, but I can't see that HMRC require you to do so. Do you really only report it on the P11D at the end of the year?
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Comments
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JodieR,
Yes this is pretty much the only way you can do it. I would suggest he calls up and speaks to HMRC but give him a figure first and don't forget the fuel charge. HMRC ought to agree to amend the code and he can start paying immediately.
Payrollpro0 -
cheers, it's a bit backwards, isn't it?!0
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I suppose so, the only real problem is there is no P46 (Van) is there? My opinion is that HMRC thinks so few reports will ever be made that there is no need for it. The trouble is employers need to watch out because compliance can only be achieved if there are records and very few employers bother.
What will actually happen is that employers will ignore it, HMRC will then discover the lack of data and penalise accordingly and that's not right.
Payrollpro0
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