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It’s what your clients don’t reveal that causes problems with P11Ds
KEY POINTS
- Establish the market value of company cars.
- Establishing that a car is not available for private use.
- List price of vehicles is key for secondhand cars.
- Benefit charge on vans.
Some of my clients see the completion of P11D forms as a quick job. “We’ve got one company car and two directors with private medical that’s all ” the bookkeeper tells me “so that’s three forms and I’ve done them already.”
Years of involvement with the P11D process have made me cautious when I hear assertions like this. The company’s accounts show a van fleet and several high-end cars and I know from last year that the directors never seem to have a personal credit card on them when they go shopping.
Unless there is some careful probing for information before...
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