{"id":759,"date":"2019-09-05T00:00:00","date_gmt":"2019-09-05T00:00:00","guid":{"rendered":"https:\/\/srcadvisory.com\/benefits-in-kind\/"},"modified":"2020-04-14T11:21:31","modified_gmt":"2020-04-14T11:21:31","slug":"benefits-in-kind","status":"publish","type":"post","link":"https:\/\/srcadvisory.com\/benefits-in-kind\/","title":{"rendered":"Benefits in Kind"},"content":{"rendered":"<\/p>\n
\n

Benefits in kind are benefits which both Employers and Employees can receive from their employment, which are not included in their salary.<\/strong><\/p>\n

As an employee, you pay tax on company benefits. \u00a0The amount of tax you pay, depends on what kind of benefits you get and their value and it is the employer who deducts the amounts from the employee\u2019s gross earnings. However, some company benefits, are tax free.<\/strong><\/p>\n

\nMost common benefits in Kind for nannies are listed below:<\/p>\n

Private Car Mileage \/ Fuel Allowance<\/em><\/p>\n

\nIs not a taxable benefit if the employee is using the car during working hours. If they are using the car to get to and from work and outside their normal working hours, then this would be classed as a benefit in kind. \u00a0If nanny is using their own car whilst they are at work, up to 0.45p per mile is tax free. \u00a0Anything above this amount would be classed as a benefit and kind and will need to be reported to HMRC.<\/p>\n

Private Medical Insurance<\/em><\/p>\n

Subscriptions and Professional Fees<\/em><\/p>\n

\nSuch as paying for nanny\u2019s Ofsted registration, DBS check, Nanny\u2019s Public Liability Insurance<\/p>\n

Living Accommodation<\/em><\/p>\n

\nIf you are providing living accommodation where the nanny has separate living quarters to the employer, this is classed as a benefit in kind, along with any bills and furniture you provide<\/p>\n

Beneficial loans \u2013 Interest free or low interest\u00a0<\/em><\/p>\n

\nAny low \u2013interest or interest free loans above the value of \u00a310,000 are a Benefit in Kind.
\nFlights \u2013 which do not include family holidays if you are taking the nanny with you<\/p>\n

Any declarations for Benefits in Kind need to be submitted to HMRC via for P11(D) by 6th July each year. \u00a0As an employer, there will be Class 1A National Insurance of 13.8% on the taxable benefit.<\/p>\n<\/div>\n

\n

SRC-Time Ltd
\n2nd Floor
\nStanford Gate
\nSouth Road
\nBrighton
\nBN1 6SB<\/span><\/p>\n

T: +44 (0) 1273 326 556<\/a>
\nF: +44 (0) 1273 733 827
\nE: info@src-time.co.uk<\/a><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Benefits in kind are benefits which both Employers and Employees can receive from their employment, which are not included in their salary. As an employee, you pay tax on company benefits. \u00a0The amount of tax you pay, depends on what kind of benefits you get and their value and it is the employer who deducts […]<\/p>\n","protected":false},"author":4,"featured_media":760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[18],"acf":[],"_links":{"self":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts\/759"}],"collection":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/comments?post=759"}],"version-history":[{"count":0,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/posts\/759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/media\/760"}],"wp:attachment":[{"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/media?parent=759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/categories?post=759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/srcadvisory.com\/wp-json\/wp\/v2\/tags?post=759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}