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Category: <span>Employee Benefits</span>

Tax Update February 2025

In this edition we take a look at year-end tax planning, double-cab pickups, employment expenses, VAT on food and drink, and upcoming dates on the accounting horizon – which include the date for the next Bank of England interest rate decision and the Chancellor’s Spring Forecast. YEAR-END TAX PLANNING! With…

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Tax Update January 2025

Happy New Year everyone! In this edition we take a look at getting ready for Making Tax Digital, the Corporate Tax Roadmap, Payrolling Benefits in Kind, an HMRC scam warning and upcoming dates on the accounting horizon. GET READY FOR MAKING TAX DIGITAL FOR INCOME TAX Prior to the Autumn…

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Payrolling Benefits in Kind

‘Payrolling benefits in kind’ means that employee benefits in kind (eg. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled,…

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Tax-Efficient Christmas Gifts and Parties

A Festive Guide for Employers As the festive season approaches, employers often consider ways to reward their staff. It’s important to be aware of tax implications to ensure that your holiday cheer doesn’t lead to unexpected tax bills. Tax-Free Christmas Gifts A thoughtful Christmas gift can boost employee morale. Good…

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Tax Update December 2024

We begin Advent with our December Tax Update. In this edition we take a look at Inheritance Tax on two fronts, State Pension entitlement, paying employees early before Christmas, employee Christmas gifts and parties, fuel rates for company cars and upcoming dates on the accounting horizon. FARMERS CAMPAIGNING FOR AGRICULTURAL…

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Tax Update August 2024

Welcome to our August Tax Update. In this edition we take a look at the 60% income tax trap, tax-free childcare accounts, staff BBQs, the tax treatment of furnished holiday lettings, VAT on independent schools fees and upcoming dates on the accounting horizon. BEWARE THE 60% INCOME TAX TRAP It…

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Pool Car Tax Guide for Employers

Employees with access to company cars often face a tax burden on the ‘benefit in kind’ of having a car at their disposal. However, where an employee has use of a ’pool car’, there is no taxable benefit and an entry is not required on form P11D.  Furthermore, the employer…

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Company Car Benefit in Kind

Should Employees Reimburse Private Fuel Costs? Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle. There is an…

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Tax Update June 2024

Welcome to our June Tax Update. In this edition we take a look at employee benefits, HMRC’s interest rate, advisory fuel rates and events on the accounting horizon. REPORT EMPLOYEE BENEFITS ON FORM P11D P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24…

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Tax-Free Childcare

Are you or your employees making good use of Tax-Free Childcare? Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HMRC is encouraging families who have…

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