Payrolling benefits in kind – is it right for you?
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Although employers have had the option to account for tax payable on benefits-in-kind (BIK) through PAYE – without needing to submit P11Ds at the end of the tax year – since 2016, payrolling of benefits in kind remains one of the under-used tools in employers’ payroll kit.
This informative guide from Ciphr – leading UK providers of integrated HR and payroll solutions – demystifies the BIK payrolling process, and weighs up the pros and cons of switching from P11Ds to payrolling of benefits. It’ll help you decide if making the switch is right for you (and if it is, get in touch with us to discuss how we can help).
The guide covers:
- The growing complexity of the payroll and benefits landscape
- Why organisations have been reluctant to move away from P11Ds
- The limitations of using P11Ds to calculate tax
- The advantages for employees of payrolled benefits: a case study from Ciphr
- The challenges of moving to payrolling benefits-in-kind – and how to overcome them
- How Ciphr’s HR and payroll solutions can support your move to payrolled BIK