Once again we find ourselves in P11D season, that joyous time in the tax calendar where expenses and benefits provided by employers to their employees are dissected for inclusion on the P11D. Employers will no doubt have the same conversations they have with their accountants each year concerning the chargeability of benefits and expenses and … Continue reading It’s HMRC On The (Mobile) Telephone
From April 2016, the government is allowing employers to payroll employee benefits in kind. Payrolling is where the employer includes a notional value for benefits in kind as taxable pay in the payroll cycle, meaning that the income tax is collected in real time. Currently, tax for employee benefits in kind is collected through a … Continue reading Benefits To Payrolling Benefits In Kind
The car benefit charge multiplier increased from £21,700 to £22,100 on 6 April 2015 and, with effect from 6 April 2016, will increase again in line with the retail prices index. The equivalent benefit for vans is £594 and, again, will increase in line with the retail prices index. This means, for example, if your … Continue reading Is It Time To Ditch Your Fuel Charge Benefit?
Previously, there was no minimum cost threshold below which benefits were disregarded for tax purposes. This changed on 6 April 2015. From this date ‘trivial’ benefits are disregarded and no longer have to be reported on the dreaded PIID (Return of expenses payments and benefits). So what is a trivial benefit? The conditions for the … Continue reading Trivial Benefits – A New Exemption
Just take a few moments to consider your work force...(No, I am not suggesting replacing Cheryl Cole...) Do you value your employees? Do you wish to retain staff? If so, have you considered a flexible benefits package? Such packages improve staff motivation just by the offering of them, and show that you are a caring … Continue reading Because They’re Worth It!
During the past few years employing part-time workers has become more popular. With the governments proposed plans for flexible parental leave part-time employees may be seen as an easy way to cover the possibility of parents interchanging periods of leave with their partners i.e. mum taking leave, then dad and then mum again which could otherwise … Continue reading Part time employees – the full time benefits
Child benefit will be withdrawn for high income taxpayers from January 2013. The threshold for this tax change is £50,000 and will be tapered on income from this figure up to £60,000 when no child benefit will be due. The change has been the subject of much controversy. Take two families both with two children. … Continue reading Will you lose your child benefit?