From 6th April 2027, some benefits in kind will need to be reported through payroll, instead of through HMRC Form P11D. The benefits which are included in the first phase of reporting through payroll are listed below.
Company cars
Car fuel
Vans
Van fuel
Employer provided medical benefits
Phase 2 will begin from 6th April 2028, and most of the other benefits in kind will then also need to be reported within your payroll. For a temporary period, loans and accommodation will still be able to be reported via HMRC Forms P11D and P11D(b). Voluntary payrolling of these benefits will be available from April 2027. A timeline for mandatory payrolling of these BiKs will be set out in due course.
To find out more click here.
If you need any tax advice in Milton Keynes give a call to the team at Holmes Accountancy on 01908 315716 or contact us here.
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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