Expenses, benefits and incentives

Dealing with expenses and benefits for employees and directors can be a real headache. Identifying which expenses or benefits are taxable is only the first hurdle. You will also need to choose the benefits that work for your business whilst being attractive to the people who receive them; keep accurate records; and report the right information to HMRC at the right time.

The rules on expenses, benefits and incentives can be lengthy and complicated, and the costs of getting it wrong can be significant. WMT can help you to:

Choose and review the benefits you provide – so they reward and motivate your team without adding to your tax bill or creating unwanted administration for employees. This could include helping you decide if a salary exchange or share scheme would be effective and whether you should have a PAYE Settlement Agreement (PSA) in place.

Streamline processes and provide an expenses policy and procedures guide – to improve your record keeping and minimise errors.

Save money – through choosing benefits that reduce your tax and NICs payments, making full use of exemptions and allowances and reducing administration.

Reduce your compliance burden – by reviewing or completing your P11D returns or advising on the payrolling of your benefits in kind.

Get in touch with our employment services team to find out more about how they can help you with expenses and benefits for employees.