With imminent changes to benefits legislation around the corner, it is reassuring to learn that P.A.S. Ltd have already developed a payrolling of benefits module that is being used in the Republic of Ireland.
The module takes the total annual benefits figures from the P11D Organiser and splits these into earnings periods as employees’ additional notional pay. A feed of this information can then be submitted to a payroll system.
The payroll module has the facility to allocate the appropriate payroll ledger code per benefit type to ensure that notional pay feeds are subject to the correct tax and National Insurance through the payroll.
If an employee’s benefit provisioning changes in-year, the following month’s notional pay figures will contain either a positive or negative adjustment to reflect that change.
The payroll module is also capable of producing a notional pay statement. This statement is for employee’s to understand how that earning period’s notional pay figures have been worked out. This form should be used in conjunction with the Benefits Statement which contains fuller information of how all of the employee’s cash equivalents have been calculated. Please Contact Us to learn more about the Payrolling Module.
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Tax exemption for security enhanced cars
The cash equivalent for company cars that is declared on the P11D form is based on many factors, the prime one being the price for tax purposes. This price was capped at £80,000 in years prior to 2011/12.
Archive of P11D Software CD Covers
P.A.S. Ltd has now entered into its 16th year of trading. We thought this would be an appropriate time to take a trip down memory lane.