By Andrew Jones | 31 March 17 | In: Software News
The 2017 release has not been updated to reflect the comparison of the cash forgone to the modified cash equivalent of a company cars and other BiKs as discussed in the guide to optional remuneration arrangements.
Currently, there has been no guidance as to how you report the Cash Forgone if this needs to be reported (instead of the Modified Cash Equivalent of the car for instance) via the Government Gateway. There has been discussion with HMRC with regards reporting at the end of the 2017/18 tax year, they have stated.
“Where these are not payrolled BiKs, they will be reported on the P11D after April 2018. The specification will be distributed in line with the usual rhythm.”
The Business Rules (specification) that govern the 2016/17 P11D tax return via the Government Gateway was not published until May 2016, which suggests the sight of the same document for the 2017/18 return will not be available until May 2017 at the earliest.
The guidance on optional remuneration arrangements provided by HMRC on the 20th March 2017 is currently under review to determine the capturing requirements system implications. As soon as we have determined the development timeline to incorporate these changes, we will inform you of the intended publication date.