An Introduction to Benefits in Kind Provided to Employees

  • Price: £3.60
  • Published: April 2016
  • Type: Business Information Factsheet
  • Format: PDF

If you want to provide an enhanced pay-and-reward package to your staff, there is a range of benefits you can offer in addition to a basic salary. An enhanced remuneration package can help to attract and retain key employees, but there are tax implications for both your business and your employee if you offer 'benefits in kind'. It is important to be aware of the tax implications, to set up procedures to identify and record all benefits in kind that your business provides to staff, and to ensure that any relevant tax is paid.

This factsheet explains the various types of benefits in kind that can be provided to employees and outlines which ones are taxable and which ones are tax exempt. It explains the requirements of the tax system and the reporting procedures that must be followed so your business complies with its obligations as an employer.

The taxation of benefits in kind is subject to frequent changes, and you should consult a professional adviser before making any decisions on the provision of benefits in kind.

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