Best Accountants in Mold

Accountants Chester - Unlock Hidden Savings. Your Guide to Payroll Benefits in Kind. Looking for an easier way to manage employee benefits in Chester? Payroll benefits offer a convenient solution to handle taxable benefits in kind (BIKs) for your employees. What are payroll benefits? Instead of reporting BIKs on P11Ds at the end of the tax year, you can "payroll" them, treating them as part of your employees' regular salary. This streamlines the process for both you and your staff. Key points to remember: Registration: Register to payroll benefits before the start of the intended tax year. Ongoing: Once registered, benefits remain so until deregistered before the following year. Tax treatment: Payroll benefits act as additional salary for tax purposes, affecting gross pay and tax calculations. National Insurance: While generally exempt from Class 1 National Insurance, employers include them in their Class 1A liability. Ineligible benefits: Currently, employment-related loans and living accommodation cannot be payrolled. Considering payroll benefits?... Accountants Chester | Phillips & Co | Accountancy & Tax...