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Issue:
4504
/
Categories:
Comment & Analysis
, benefits in kind
, expenses
, Admin
, Budget/Finance Act
, Business
, Employees
, Income Tax
The new rules for expenses and benefits in kind
KEY POINTS
- The Office of Tax Simplification announces a package of four measures.
- A PAYE settlement agreement enables employers to deal with benefits that are not within the payrolling system.
- Items that are minor irregular and difficult to quantify may be returned through the PAYE settlement agreement.
- A 5 July deadline for the approval of agreements by HMRC.
- A detailed consideration of some specific benefits in kind.
Following a review of benefits in kind by the Office of Tax Simplification a package of four measures was announced by HM Treasury. The proposals were as follows.
- Abolition of the threshold for the taxation of benefits in kind for employees who earn at a rate of less than £8 500 a year.
- ...
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