What You Need to Know About HMRC’s Benefit Payrolling?

March 30, 2023

HMRC begins benefit payrolling for the fiscal year 2023/24.

Sign up for payroll. According to HMRC, employers can now register for payrolling employee benefits in kind for the 2023/24 tax year. Registration is open until the end of 2022/23 and can be completed using your HMRC PAYE online services or an accountant/payroll service. The benefit of payrolling is that benefits are not required to be reported on Form P11D, and where all benefits for an employee are payrolled, no P11D is required.

You do not need to register if you are already registered for payrolling benefits that you provide to your employees.

The deadline was missed. If you miss the deadline of 5 April 2023, HMRC has stated that it will allow you to operate informal benefits payrolling, despite previously stating that this concession would be phased out. You must agree to the arrangement in writing by applying to HMRC (see The next step ).

From now until April 5, 2023, you can register with HMRC to payroll employee benefits for 2023/24. The benefit is that they do not need to be reported on Forms P11D.

Get in Touch With Us for Support in Payroll and Benefit Payrolling 2023/24

Are you seeking an accountant’s support with payrolls and benefit payrolling for the fiscal year 2023/24? Our team of professional accountants are ready to help you! Simply fill out the form, and our lead accountant will contact you to book a no-obligation discovery call. 

Do you have any pressing questions about payrolling? Our team of accountants and tax advisors are here to help. Get in touch with us, and let’s talk about it. 

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