P11D Changes – Payrolling Benefits
Updated: Jun 26, 2018
Want to get rid of P11D reporting? From April 2016 you can ‘payroll’ all benefits in kind with the exception of accommodation, beneficial loans, credit tokens and vouchers. This means the tax will be collected during the tax year and there will be no need to provide a P11D to employees or HMRC. A P11D(b) to report Class1A NIC will still be required.
To take advantage of this you must register with HMRC ‘Payrolling Benefits in Kind online service’ before the end of the tax year (as early as possible to avoid multiple tax codes being issued). Contact the payroll team if you require any further information.