Whitley Stimpson are forewarning employers that they will be required to report and pay income tax and Class 1A National Insurance Contributions (NIC) on benefits in kind through payroll.
The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026.
The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees.
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024, where a number of employment changes were announced.
The Chancellor has announced cuts to national insurance contributions for self-employed taxpayers and employees.