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Automatic enrolment duties and benefit-in-kind valuations.
In the latest issue of Employer Bulletin, HMRC provides more information about the changes to the valuation of benefits-in-kind (summarised below). It also has a reminder that, from 1 October 2017, automatic enrolment duties for new employers begin on the day their first member of staff starts work.
The bulletin is on GOV.UK at here.
Valuations
Under new rules introduced from 6 April 2017 the income tax and employer National Insurance advantages have been largely withdrawn for optional remuneration (salary sacrifice) arrangements.
As a result, HMRC is changing descriptions on the P11D:
- ‘cost to you’ (or similar) descriptors will read ‘cost to you or amount foregone’; and
- ‘cash equivalent’ descriptors will read ‘cash equivalent or relevant amount’.
The online version will be available from 6 April 2018.
The P46 (Car) will have a new field ‘cash foregone’. This relates to the car only.
HMRC will not be asking for any cash foregone figures in the real-time information submission.
