HMRC has confirmed the taxable amounts that employers are required to report when calculating the taxable value of a Benefit in Kind (BiK) received under an optional remuneration arrangement, and how to submit the information.
In December 2017, a Statutory Instrument was laid to amend the Pay As You Earn (PAYE) regulations from April 2018, to provide a mechanism for employers who use optional remuneration arrangements (OpRAs) to report certain BiK to HMRC.
The changes are necessary to deliver aspects of the policy measure that was originally announced at Autumn Statement 2016. OpRAs have previously been referred to as ‘Salary Sacrifice’.
Amendments have also been confirmed in respect of company cars to provide for the reporting of company car information where employers are payrolling the car and car fuel benefits in kind.
The changes will state what information employers are required to report and how they will submit it to HMRC.
