As the 6 July deadline for filing forms P11D, P9D and P11D(b) passes for this year, HMRC is consulting on the introduction of a voluntary system of payrolling benefits in kind.
The government believes that payrolling benefits in kind instead of submitting forms P11D can offer substantial administrative savings for some employers and wishes to create a system that will enable employers to do so if they wish. In particular three priority areas for consultation are:
- private use contributions for company cars and fuel,
- private medical and gym membership fees, and
- one-off large benefits through transfers of assets.
The consultation document can be found here and the consultation closes on 9 September 2014. HMRC are particularly keen to hear from employers who already have payrolling in place.
After the introduction of RTI and the additional burden of Workplace Pensions and Auto-enrolment we wonder if this move will be welcomed or just add further strain to increasingly stretched payroll departments.
If you would like further information on how to handle expenses and benefits, or would like to know how we can help you with our Payroll and Auto-enrolment service, please do get in touch.