HMRC has announced FIVE new consultations on making changes to the PAYE benefits and expenses reporting which will include consideration of:
- A call for evidence on employment remuneration practices
- Abolishing the £8,500 threshold for "lower paid" employees
The introduction of a statutory exemption for trivial benefits in kind and what form that should take
- An option to voluntarily payroll benefits in kind
- Replacing the PAYE dispensation with a statutory exemption for expenses payments
There will also be a ‘review’ of the tax rules governing travel and subsistence expenses and a wider ‘call for evidence’ about payment and reward practices in the 21st century, and where the tax system has not kept pace with changes in these practices.
More information about these consultations can be found at GOV.UK website.
We say...can we have a consultation on travel, subsistence and accommodation expenses for the self employed too please?