The Business Bulletin
Are your employees benefiting from you? Retaining good quality employees can be difficult, for years larger employers have been doing this by providing their employees with perks or benefits.
Smaller employers are starting to
subject to tax (and class 1A National
join in and are looking into providing
Insurance) and has to be reported to
benefits to employees but can be
HMRC. Cycle to work is paid for by
concerned about the extra red tape,
the employee but can save both the
as well as having to consider not only
employee and employer money.
the cost of the benefit but the cost of administering that benefit. Two of the benefits that are
Private medical insurance As mentioned, this is taxable so
becoming more common with
doesn’t that mean that you will have
employers who have a smaller
to report it to the tax man on a P11D
number of employees are private
and won’t the employee get a bill
medical insurance and cycle to work
when they do their self-assessment
schemes. There are now a number of
tax return? Well yes, and no it doesn’t
providers who cater for or specialise
have to be.
in the Micro and SME market and many of these offer much more competitive rates than an employee can get independently.
Andi Herrington Wallis Payroll Andi’s mission is to provide the same level of knowledge and support to smaller employers as that afforded by large corporations. Having started her payroll career within the recruitment sector and spending a number of years working
From the 6th April 2016 ‘Payrolling
with corporates in the legal world Andi
Benefits’ was introduced. This means
has nearly 20 years’ experience in payroll
that the value of the benefit received can be taxed in real time removing the
and is a qualified CIPP member. Andi and her team work with micro and SME employers throughout the UK helping
requirement to report the benefit on
them with everything from pension auto-
in the way they are provided to
each employee’s P11D, thereby saving
enrolment and statutory payments to
employees. Private Medical Insurance
your business time and money by not
is paid for by the employer but is
needing the staff to process the P11D’s
These benefits are very different
expenses and benefits. 01933 409488 andi.herrington@wallispayroll.co.uk wallispayroll.co.uk
42 | Issue 9 – Finance
