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Employee benefits

The term “benefit in kind” refers to the value of any extra benefits an employee enjoys by virtue of their employment in addition to their salary. Common examples would include medical insurance, a company car, clothing (unless specialist protective clothing), computer equipment used privately and no/low interest loans.

 

The benefits and amounts are reported on a form P11D each year, with extra employer’s national insurance also being due. There is likely to be extra tax due from the employee that is disclosed on their Self Assessment Tax Return.

 

Generally the taxable value is based upon the cost of providing the benefit, but for some benefits tables or formula are used to identify the "cost" of provision.

 

We can assist you in advising on the taxation treatment of providing a varied remuneration package to your employees, and ensure that appropriate reporting is made to HMRC where necessary.

 

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