To streamline processes and enhance efficiency, HMRC is transitioning from the traditional P11D forms to Payrolling Benefits in Kind (PBIK) in the next tax year.
This significant shift aims to simplify the reporting of expenses and benefits. Previously, employers had to report expenses and benefits provided to employees by submitting a P11D form at the end of every tax year. However, with the introduction of PBIK, these benefits can now be reported through payroll in real time. This means no more year-end rush to complete P11D forms by the 6th of July!
You can register with HMRC using this online service for payrolling employees’ taxable benefits and expenses: payrolling employees taxable benefits and expenses online service.
In this form, you must inform HMRC about the benefits you wish to payroll during the registration process. Pay Check can register on your behalf if they are registered as your agent for PAYE. If you would like to enquire about Pay Check registering on your behalf, please connect with Rebecca Dorrian.
Remember, you must register with HMRC before the start of the tax year. To ensure you have more than enough time to process and correct any errors that may occur you must register by the 5th of March 2025.
The registration cut-off date is the 5th of April 2025. Reach out to us and a member of our dedicated team will be in touch.
Pay Check can have this set up in time for your 1st payroll run of the new Tax Year 25/26. If you are not already optmising your existing payroll provision through outsourcing, we encourage you to reach out to Pay Check for an exclusive payroll health check.
For more information or assistance with the transition, feel free to reach out to Pay Check.
Content correct at the time of writing.