The term legal benefit in kind(
bik) denotes a non cash benefit provided by an employer which includes monetary value and is recognized under law as part of total compensation. The benefits, however, have to be governed and reported to tax authorities by tax regulations. Examples include, for instance, company cars, accommodation or private medical insurance. Employers may also need to evaluate the price of these advantages and could have to pay further taxes or report the advantages as part of employee pay declarations. Compliance makes sure that operatives receive total earnings but are also taxed fairly.
The term legal benefit in kind([url=https://accountingbyte.com/what-is-benefit-in-kind/]bik[/url]) denotes a non cash benefit provided by an employer which includes monetary value and is recognized under law as part of total compensation. The benefits, however, have to be governed and reported to tax authorities by tax regulations. Examples include, for instance, company cars, accommodation or private medical insurance. Employers may also need to evaluate the price of these advantages and could have to pay further taxes or report the advantages as part of employee pay declarations. Compliance makes sure that operatives receive total earnings but are also taxed fairly.
