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The radical plans to reform taxation of employee benefits and expenses
KEY POINTS
- Benefit and expense reporting is to be reformed.
- Proposal to abolish the £8 500 threshold.
- Trivial benefits worth up to a certain amount to be exempted.
- Some benefits may be payrolled on a voluntary basis.
- Targeted anti-abuse rule aimed at salary sacrifice arrangements.
The taxation of employment income is set to change. The details are still emerging but it seems likely that we are on the threshold of the most wide-ranging developments since the introduction of PAYE in 1944. The general direction of the changes is towards genuine simplification in some areas.
If employers gain some benefit from the proposals the credit for that may be due to the Office of Tax Simplification (OTS). The OTS produced an interim report in August 2013 which was followed...
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