Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is benefit-in-kind and what are the taxation implications?

implications Taxation
0
Posted

What is benefit-in-kind and what are the taxation implications?

0

When a benefit is provided to an employee in lieu of money, it may be seen as a benefit-in-kind. There may be benefit-in-kind’ tax and National Insurance implications if you provide expenses payments to your employee for certain items or provide other non-cash benefits unless, as HM Revenue & Customs phrases it, any private use is ‘not significant’. These can include things like a company car or private medical insurance, and depending on the level of private use could include providing a broadband connection for home employees. Certain benefits, like using a company PC for personal use or childcare facilities, are exempt. Further guidance can be found on the HM Revenue & Customs site – http://www.hmrc.gov.uk/biks/ is a good starting point.

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.