1. If vouchers are given to an employee, how's it recorded?
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"If vouchers are given to an employee, how's it recorded?"
When the company gives employees a voucher, it needs to be recorded as a: "Benefit-in-kind"
To record a voucher given to an employee by a company:
- First, tap: MenuExpense claim
- Select the person who's been given the voucher.
- Next, tap: Benefit-in-kind
- If you've got an image, like a receipt, that you'd like to include, you can upload, or take a photo of it.
- Then tap: Next
- Type in the value of the voucher.
- Set "Arranged by" to: "Employee"
- Optionally, if there's a co-pay, or an amount that the person's agreed can be taken off their pay, enter that also in: Employee deducted co-pay
- Then tap: Next
- Optionally, type in a short description about the voucher, and tap: Next
- And because it's a payroll admin who's entering it, the expense is automatically approved.
- Now, to see how it shows up on the person's payslip, scroll down and tap: See on payslip
- And when you hover your mouse over the "Benefit-in-kind" amount, you'll see the details.
- There may have been a co-pay, or an amount that the person's agreed can be taken off their pay. If so, you'll also see that amount showing as "Employee deducted co-pay" with its own notes when you hover.
- And finally, you'll know that the voucher's value is being correctly recorded and taxed.
Keep in mind that:
- The co-pay amount is automatically set to be deducted from the person's pay.
- The company doesn't have to separately collect the co-pay amount from the person.
- Also, there's no difference in the treatment of vouchers that're exchangeable for goods and services, compared to vouchers that're exchangeable for cash only.
To learn more:
- About non-cash vouchers, go to GOV.UK.
And that's it! That's everything you need to know about how to record a voucher given to an employee by a company!
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