Under the current system employers are required to submit employer benefits to HMRC using a P11D form and pay over the relevant National Insurance after the tax year is over.
Proposed by HMRC the P11D form will be replaced by reporting employee benefits on the monthly payroll. Of course this can already be done voluntarily but will likely become mandatory from 6th April 2020 (Not yet confirmed).
What does this change mean? This means that the additional national insurance due for employee benefits will be due through the year each month through the current RTI process.
This change have not been confirmed but is expected to be introduced by most Accountants.
If you currently have employee benefits such as cars or healthcare do get in touch if you have an questions about the future of declaring this to HMRC.
Richard at TG
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