Life Changing Surgery for local Burnley resident
BNI Lancashire member Paul Bolton is a well loved character in Burnley Chapter - BNI Kudos and indeed across our region.Regularly spotted at chapters across the...
BNI Lancashire member Paul Bolton is a well loved character in Burnley Chapter - BNI Kudos and indeed across our region.Regularly spotted at chapters across the...
I was delighted to help someone save over £600 on their bills, not something to turn your nose up at! Then I heard of someone's mortgage payments going up from...
Testing
Pierce Corporate Finance has advised the Shareholders of Blackburn-based Vision Techniques (UK) Limited on the Management Buyout (MBO) of the company. Vision Te...
In June 2023, the Retained EU Law (Revocation and Reform) Act 2023 (“REUL”) received Royal Assent which meant much of the case law brought in by EU courts could...
Passionate walker and long-time supporter of Caritas Care, Barry Cullen, set out in 2023 undertake the annual Keswick to Barrow Walk, a challenge that covers ap...
Where a business is required to inform HM Revenue & Customs (HMRC) about an employee's benefits in kind (BIK), they must report these on either a P11D or by registering to payroll benefits, allowing the benefits to be taxed in real-time through PAYE.
Currently, the payrolling of BIKs is voluntary with many employers opting to submit annual P11Ds each year. However, HMRC has now released a tax simplification update confirming that the payrolling of benefits will be mandatory from 6 April 2026.
At present, all benefits can be payrolled with the exception of:
No guidance has yet been given on how these will be taxed under the new rules.
Under the current process, regardless of whether the benefits are payrolled or reported on a P11D, a P11D(b) still needs to be submitted each year to notify HMRC of the Class1A Employers National Insurance (NICs) due on the BIKs. The HMRC update also confirms that the reporting of Class1A NICs will also be submitted through payroll.
Further details of how you can register to voluntarily report BIKs through payroll can be found below:
https://www.gov.uk/guidance/payrolling-tax-employees-benefits-and-expenses-through-your-payroll
If you require further information on how to report and tax benefits, please contact our tax team on 01254 688100.
Ainsworth Street, Blackburn with Darwen, Blackburn, Blackburn with Darwen, BB1
07711 077695
View detailsIn partnership with Cumbria Chamber of Commerce, we are delighted to bring you a unique opportunity to meet, and hear from, three award-winning entrepreneurs, a...
We are delighted to be hosting Colours Fashion show for a third year at Plungington Community Centre.Come and grab yourself a Christmas bargain or treat yoursel...
The Chancellor of the Exchequer will present the next Budget to Parliament on Wednesday 30th October 2024. Following the Speech, we are hosting a FREE seminar w...
Following on from the success of Your Business Bootcamp, Community & Business Partners are pleased to run its online versionYour Business Bootcamp Bitesize will...
Whether you are in the early stages and just seeking information or you have been considering adoption for a while, joining us at one of our online information...
The Konsortia Partnership are groups of local, professional small and medium-sized (SME’s) businesses in property and construction based in Manchester and Prest...