This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Verifying P11D values

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am
Verifying P11D values

Postby someone » Mon Jul 18, 2022 5:01 pm

Does a P11D benefit exclude the insurance premium tax that my employer paid? (I would have assumed not)

How closely should I be able to calculate my P11D benefit from the numbers given by Bupa?

I have:
Bupa Dental. Start date 27/09/2021. Policy end date 01/07/2022. Cost 396.42 (plus IPT of 47.54)
Bupa Health. Start date 27/09/2021. Policy end date 23/06/2022. Cost 2362.28 (plus IPT of 283.47)

P11D benefit 1949.

When I use the "without Insurance Premium Tax" figures and daily accrual I get something very very close - so that's what I assume they've used. I cannot find any way to make my P11D benefit close to 1949 if I use the inc-tax figures (error >10%)

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: Verifying P11D values

Postby darthblingbling » Mon Jul 18, 2022 5:44 pm

It should essentially be the employers cost to include you in the scheme.

I get something close if I apportion for the tax year and assume the original figure includes the IPT.

Easiest option is to ask your employer how they determined the figure they reported.

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: Verifying P11D values

Postby someone » Mon Jul 18, 2022 6:00 pm

The 396/2362 figures definitely do not include the IPT. The documentation I have lists the "Annual subscription excluding Insurance Premium Tax (IPT)", the "Insurance Premium Tax" and the "Total.annual subscription Including IPT (pro-rata)"

There is a footnote "Insurance Premium Tax (IPT) is charged at the current rate if applicable."

(396.42+47.54)*191/277 = 306.12
(2362.28+283.47)*191/269 = 1878.58

Total 2184.70

I will ask but if it's excluding IPT then it's as close as I'd expect.

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: Verifying P11D values

Postby someone » Tue Oct 11, 2022 7:36 am

Reporting back just in case anyone else finds this in a similar situation.

The original P11D calculations by my employer were incorrect. It was a coincidence that the pro-rata exIPT figure for Health and Dental matched what my employer had said on my P11D.

I now have an amended P11D and I've also been given the detailed calculation. (and I've submitted my tax return :-) ). As darthblingbling said, it's their cost to include me, including all taxes, and their detailed calculation included each payment made during the tax year.

I have asked if it's possible for them to payroll these benefits instead - that makes it so much easier (for me anyway) - and they're going to look into it with their payroll provider.


Return to “Income Tax”