Paying employees in shares, commodities or other non-cash pay
24 December 2018
HMRC has updated its guidance to include some cryptoassets on operating PAYE if paying employees with assets that can be sold or cashed in.
Some cryptoassets are now classed as readily convertible assets.
Guidance on Paying employees in shares, commodities or other non-cash pay now includes:
· Valuing a readily convertible asset
· What to report and pay
· Recovering PAYE tax and NICs from the employee
· Long service awards
· Payments in kind that can be cashed in