The November newsletter from charity accountants Sayer Vincent has some updates on changes aimed at simplifying employee taxation coming in from April 2016.
Abolition of dispensations
There will no longer be a need to apply for a dispensation for deductible benefits and expenses for employees, or to report them on a P11D form each year. Taxable benefits (such as private medical insurance and company cars) will still need to be reported, and have a system in place to check the expenses claimed.
HM Revenue and Customs has promised to provide guidance before this takes effect, on 6th April 2016.
The official scale rates for reimbursed meal costs incurred on qualifying business travel will be put on a statutory basis and treated as exempt payments subject to having an appropriate checking system in place.
Read the newsletter for further information, via Sayer Vincent’s newsletter page.