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M. Other items

Benefits for other items2:52
Benefits for other items
1 videos, with a playing time of 2 minutes


 

Benefits for other items2:52

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

When your company provides other items for an employee, it's considered a "Benefit-in-kind". Examples of other items include subscriptions, professional fees, and more. However, some other item benefits are exempt.

To learn more:

  • About which other item benefits are exempt, go to GOV.UK.
  • If the other item benefit you're providing IS EXEMPT, go ahead and provide the benefit tax-free. In other words, there's nothing to set for the employee's pay.
  • However, if it's NOT EXEMPT you'll need to add it as a repeating: "Benefit-in-kind"

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

  1. First, select the person who's getting the other item 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 yearly time frame: Amount type
  8. And then type in the yearly cost: Amount
  9. By default, "Arranged by" is already set to: "Company"
  10. Then tap: Save
  11. Then on the repeat payable list, hover your mouse over the repeat payable, and tap the "See on payslip" button:
  12. You'll now see an amount showing under: "Benefits-in-kind ... company arranged"
  13. And if you hover your mouse over the amount, you'll see a breakdown of the calculation.
  14. Then if you tap the "Next payslip" circle, you'll see the same amount repeated on every payday. Including: "Benefit-in-kind"
  15. If you later decide you want to remove, or stop the repeating "Benefit-in-kind", tap its "Edit" button:
  16. And finally, you can change any part of it, including changing the "Ends on" date to finish earlier, if required.

Keep in mind that:

  • In some cases, the employee has themselves paid for the other items 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 also learn more:

  • About other item benefits, go to GOV.UK.

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

Updated: Fri, 10 Nov 2023.

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