From Yahoo Finance: 2025-06-17 09:39:00

Mazuma advises small business owners to prepare for the mandatory digital payrolling of Benefits in Kind (BiK) starting in April 2027. This includes non-cash perks like company cars or gym memberships, which will now be reported digitally in real-time alongside regular payroll submissions.

HMRC is phasing out the traditional P11D form for BiK reporting to streamline the process and eliminate paper-based forms. Employers are urged to start preparing for this transition to avoid last-minute panic in 2026, similar to past regulatory changes like GDPR and Making Tax Digital.

Mazuma CEO Lucy Cohen stresses the importance of early preparation for the upcoming changes, comparing the need for policies, procedures, and technology to past landmark shifts in business regulations. The clock is ticking for businesses to adapt to the new BiK reporting requirements, emphasizing the importance of being proactive.

As a subscription-based accounting service, Mazuma encourages businesses to start streamlining their payroll processes well in advance to ensure compliance with the new digital BiK reporting requirements. It’s easier to adapt now than to scramble in 2026, ensuring a smoother transition for businesses in the UK.



Read more at Yahoo Finance: Mazuma urges UK employers to prepare for digital BiK reporting