The 6 July filing deadline for 2014/15 P11Ds has loomed into view again. Although the 2014/15 P11D is very similar to the previous year's version, there were a few changes to note.
As always, there were changes to the car benefit rates with the 10% rate abolished for 2014/15 so that a rate of 11% applies for cars with emissions of 76g/km to 94g/km. The fuel benefit multiplier increased from £21,100 to £21,700 for 2014/15. The benefit for unrestricted private use of a van increased from £3,000 to £3,090 and the van fuel benefit increased from £564 to £581 for 2014/15.
The exemption for beneficial loans for 2014/15 rose from £5,000 to £10,000 and the beneficial loan interest rate for the year reduced from 4% to 3.25%. The rate will be 3% for 2015/16.
The good news for payroll teams grappling with this annual chore, is that BDO's annual guide to completing P11Ds and the P11d(b) is now available to download. We also offer an excellent P11D software package which can help with this process – read our about the software and its pricing structure.
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