HMRC have issued the October 2017 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues.
HMRC are advising that following the changes to the valuation of benefits in kind (BiK) where there is a cash option available, they will consult and then issue the necessary amendments to the PAYE Regulations. The guidance will also clarify the taxable amounts that need to be reported under Optional Remuneration and salary sacrifice arrangements.
Where a BiK is taken rather than the alternative cash option, the taxable value of the benefit is the higher of the cash foregone or the taxable value under the normal BiK rules. Transitional provisions apply for arrangements entered into before 6 April 2017.
The Bulletin also includes articles on:
For help with payroll matters please get in touch.
Internet link: Employer Bulletin