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What does voluntary payrolling of benefits entail?
Changes in the Finance Act 2015 allow HMRC to collect income tax on most benefits in kind through the payroll from 6 April 2016. Employers who register with HMRC to use the online payrolling benefits-in-kind (PBIK) service will not have to report them on a P11D form.
Under the new service the benefits that employers will not be able to payroll are vouchers and credit cards living accommodation and interest free and low interest (beneficial) loans.
The deadline for registration with HMRC is 5 April 2016. Employers will not be able to register after this date for 2016/17 because HMRC is unable to process changes during the tax year.
The payrolled benefits and expenses will still have to be entered and included on the P11D(b) form regardless of whether they are included in the payroll. If the employer has payrolled car and car fuel benefits...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
