Payrolling Benefits - There’s Still Time This Tax Year

All employers who provide taxable benefits in kind to employees, have to complete submissions to HMRC called P11Ds. Anyone who has had to manually complete P11D submissions will know how painful the process can be, especially for larger businesses. 

‘Payrolling’ benefits in kind allows a real time, online submission of P11D expenses, managed through a payroll system and submitted electronically to HMRC. As well as accurate tax payments, it avoids labour intensive annual P11D calculations, reduces the risk of errors, the burden of self-assessment and the removal of inaccurate PAYE code adjustments for benefits for employees. 

With our support, many of our clients have already made the switch to Payrolling Benefits. Once registered online with HMRC for this service, we then help with employee communication and get everything set up on your payroll for the start of the new tax year. If you’re thinking of switching payroll provider at the same time, this is also a straightforward and painless process. 

There is still time to take advantage of Payrolling Benefits for the 2021/22 tax year for your business. If you would like to know more then please get in touch with the Payroll team at Ink, led by Agnieszka Wyatt, at payroll@theinkgroup.co.uk.