HRUX are pleased to announce that our annual P11D report is now ready. If you’d like a copy Contact Us.
The latest stats available are based on the updated provisional numbers published for 2017/18; we won’t see the provisional 2018/19 stats for several months yet. It seems amazing that HMRC take 18 months to issue these figures, especially as they are so critical in terms of informing the debate on future company car tax rates. Our own projections suggest that people are opting out of that “benefit” so quickly that the huge increases in tax in April 2018 may translate to a net reduction in the overall tax/NIC1A take. I guess we’ll see soon enough…
Overall, in 2017/18 the total tax and NIC collected via the P11D process was £4.03bn. Company cars were responsible for 56% of this, at 2.25bn (up from 2.18bn in 2016/17). Next up was private medical and dental at 23% (£940m) and third was private car fuel at 7% (280m). “Others” accounted for 12% (£490m) which includes services provided, accommodation, etc.
A growing proportion of tax and NIC on benefits are now collected via payroll and we hope to get some clarity on the amounts involved alongside the 2018/19 P11D data.