© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
 

Cookies help us run our services and make them more tasty. We've posted the full recipe on our Privacy Notice.

Whoa! Wait a minute ... how do I change my cookie settings?

Tap "Got it" if you're OK with cookies...

Got it
 

K. Services supplied

Benefits for other services3:31
Benefits for other services
1 videos, with a playing time of 3 minutes


 

Benefits for other services3:30

"How do I record company services provided for employee personal use?"

When your company provides other services for an employee, it's considered a "Benefit-in-kind". Examples of other services include paying for car parking, club and gym memberships, entertainment, cell phone phones, holidays, and more.

To add other services benefits to an employee's pay, as a repeating "Benefit-in-kind":

  1. First, select the person who's getting the other services benefits on: MenuPeople
  2. To make a new repeat payable, go to: PayPay settings
  3. And scroll down to the "Repeat payables ... personal" heading.
  4. Then tap: New repeat payable
  5. Next, select: Benefit-in-kind
  6. Next, type in a Description of the benefit-in-kind.
  7. Select the monthly time frame: Amount type
  8. And then type in the monthly cost: Amount
  9. By default, "Arranged by" is already set to: "Company"
  10. Then scroll down and tap the "Advanced" heading.
  11. Optionally, if there's a co-pay, or a monthly amount that the person's agreed can be taken off their pay, enter that also in: Employee deducted co-pay
  12. Then tap: Save
  13. Then on the repeat payable list, hover your mouse over the repeat payable, and tap the "See on paystub" button:
  14. You'll now see an amount showing under: "Benefits-in-kind ... company arranged"
  15. And if you hover your mouse over the amount, you'll see a breakdown of the calculation.
  16. 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.
  17. Then if you tap the "Next paystub" circle, you'll see the same amounts repeated on every payday. Including "Benefit-in-kind" and: "Employee deducted co-pay"
  18. If you later decide you want to remove, or stop the repeating "Benefit-in-kind", tap its "Edit" button:
  19. And finally, you can change any part of it, including changing the "Ends on" date to finish earlier, if required.

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, in some cases, the employee has themselves paid for the other services benefit cost, and is asking the company for a once-only reimbursement.
  • To add a "Once only taxable benefit" reimbursement, tap: MenuExpense claim, select the person, and tap: Once only taxable benefit

To learn more:

And that's it! That's all you need to do to add an employee's other services benefits!

Updated: Fri, Nov 10, 2023.

© 2020–2024 1st Money UK Holdings Ltd. All rights reserved.
www.1st.money/help/Expenses/K._Services_supplied/