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P11D amount made good and self assessment
btcp
Posts: 310 Forumite
in Cutting tax
I need to file my self assessment and just received P11D where section I includes the following:
Private medical insurance: cost to you : £1700, amount made good £1700, cash equivalent or relevant amount: £0. Then on the next page box 11 also has £0.
The question is how to report it in self assessment? The instruction says: "Enter the figure from section I box 11, on your P11D." When I put 0, the form does not accept it. Should I be answering No to the question "Have you received any taxable benefits and expense payments from the Company?". It is a bit confusing as I received the benefits, but is teh amount was made good it seems I already paid tax and should not be entering it in the self assessment.
Private medical insurance: cost to you : £1700, amount made good £1700, cash equivalent or relevant amount: £0. Then on the next page box 11 also has £0.
The question is how to report it in self assessment? The instruction says: "Enter the figure from section I box 11, on your P11D." When I put 0, the form does not accept it. Should I be answering No to the question "Have you received any taxable benefits and expense payments from the Company?". It is a bit confusing as I received the benefits, but is teh amount was made good it seems I already paid tax and should not be entering it in the self assessment.
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Comments
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There is no taxable benefit as you made good on the cost making the relevant amount £0.A few area of the tax return where 0 isn't a valid input so just say no taxable benefit.All IMHO of course - my advice being worth what you paid for it;-)1
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thanks, if that's the right way then I did it wrong last year as I did include the amount of benefits, even though it was made good. I suppose I cannot correct the last year self assessment?0
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See https://www.gov.uk/self-assessment-tax-returns/corrections . If you declared a benefit which was actually made good, you will need to correct your 2018/19 return. The deadline is 31 January 2021. You can explain what you have done in the other information box.
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That’s helpful thank you! Looks like I can get 700 back for the tax I overlaid last year.1
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