Employers may provide a range of benefits. These could include cars, pensions, loans and other benefits such as childcare, accommodation or salary sacrifice schemes. All options have different tax and national insurance implications.
What are Benefits in Kind?
Benefits in kind are rewards given to employees that have a cash value but are not included in their pay. To make sure these are not used to avoid tax, each year information of benefits in kind is submitted to HMRC (via P11D forms). This will affect employees overall tax treatment and the tax liability of the employer.
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