Employers which provide benefits for retired staff have until 7 April to inform HM Revenue & Customs (HMRC) of employees' National Insurance number, the benefits they receive and the value of these perks.
Changes introduced in the Finance Act 2004, mean that 2006/07 is the first tax year in which retired staff who remain eligible for benefits will be liable for tax on these perks. Employers should also communicate this to affected former employees.
Once employers have notified HMRC, individuals are then responsible for contacting the body about money owed, which must be paid by 31 January the following year.
