HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms.
If employers haven’t already done so they should register online with HMRC on or before 5 April 2022 to payroll employee benefits for the upcoming 2022/23 tax year.
The advantages of payrolling benefits in kind are:
- employers no longer need to submit P11D and P46(Car) forms to HMRC
- simpler PAYE codes mean HR teams receive fewer queries from employees regarding tax
- tax deductions in monthly payroll will be more accurate
- tax codes for individuals should change less frequently
- fewer forms for employers to complete at year-end
Need more information?
We have a dedicated payroll team in-house who take care of all our clients payroll. The team are accessible by phone for all your last minute payroll changes every week. The team are also extremely knowledge on all things pension and do everything surrounding payroll, so you do not need to worry. Our team of payroll specialists have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.
Our fantastic team at A&C Chartered Accountants are here to help.
