To effectively manage the upcoming changes, there are some practical steps employers can take:
- Check that your payroll software is compatible with the proposed changes;
- Understand how to manage certain benefits such as company cars under the new system which may be difficult depending on the quantity involved – talk to us if you would like more information;
- Explain the changes to your staff so that they understand how their benefits are being taxed and when;
- Train your payroll and HR teams on the new requirements;
- Encourage employees to review their personal finances and budgeting in case there are changes to their monthly take-home pay.
Should you have any questions with regard to the payrolling of benefits or the implementation of this new process please don’t hesitate to contact us, either via your usual Seymour Taylor representative or via enquiries@stca.co.uk.