Report benefits to HMRC through payroll, not P11D returns
From 6th April 2016, The Finance Bill 2015 allows employers to manage benefits through payroll by including them in the payroll processing. The scheme is a voluntary arrangement with statutory obligations for those employers choosing to operate this way, however removing the P11D process may significantly reduce benefit administration.
Not all benefits are covered by the plan, particularly financial benefits such as loans and credit arrangements, but popular benefits such as medical insurance, gym membership and company cars are included.
This is good news for BizFlakes’ administrators and customers as both the Benefits and Payroll applications are ready.