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No benefits but still need to file a form?

  • Posted On: 06 July 2017
No benefits but still need to file a form? As many of our readers will be aware, new payroll legislation on the treatment of certain business expenses and benefits came into effect from 6 April 2016. One of the main changes was the removal of the requirement for employers to report certain

Directors may not have to file a tax return

  • Posted On: 06 July 2017
Directors may not have to file a tax return A recent First Tier Tribunal case examined whether a company director had an obligation to submit a Self Assessment tax return without receiving a notice to file. The taxpayer in question appealed against penalties totalling £1,300 relating to his

Taxman and the shed

  • Posted On: 06 July 2017
Taxman and the shed One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions covers the sale of the family home. In general, there is no CGT payable on the sale of a property which has been used as the main family residence. An investment

Bricklayer turned accountant is jailed

  • Posted On: 06 July 2017
Bricklayer turned accountant is jailed An Essex based financial adviser has admitted tax fraud and has been jailed for five years. He set himself up as tax adviser despite having no financial qualifications. He had previously worked as a bricklayer and his clients were mainly made up of

NMW and LW penalties for non-compliance

  • Posted On: 06 July 2017
NMW and LW penalties for non-compliance There are penalties for employers who don’t pay staff what they are legally entitled to under the National Minimum Wage (NMW) and National Living Wage (NLW) rates. Employers who have paid a worker below the correct minimum wage must pay any arrears

Tax-free loans to employees

  • Posted On: 06 July 2017
Tax-free loans to employees Employees can obtain a tax-free benefit when provided with an employment-related cheap or interest-free loan. The most common is where the combined outstanding loan value to an employee is less than £10,000 throughout a tax year. The benefit is

What is the best way to extract funds from your company?

  • Posted On: 28 June 2017
What is the best way to extract funds from your company? Director shareholders are wont to ensure that they pay the lowest amount of tax and NIC consistent with their obligations under the relevant legislation. For many years, director shareholders have followed a high dividend, low salary extraction

Implementing a Cycle to Work Scheme

  • Posted On: 28 June 2017
Implementing a Cycle to Work Scheme The Cycle to Work scheme was introduced in 1999 to help promote a healthy commute to work. The scheme allows employers to provide (technically loan) bicycles and cyclists’ safety equipment to employees as a tax-free benefit. Where the scheme

Tax-free employee suggestion schemes

  • Posted On: 28 June 2017
Tax-free employee suggestion schemes Do you have an employee suggestion scheme in place? There are still commercial and tax advantages to setting up such a arrangement. HMRC offers two tax-free award schemes that can be made available to employees: Encouragement awards - for good

Swapping salary for pension benefits

  • Posted On: 28 June 2017
Swapping salary for pension benefits Employers and employees may have noticed that HMRC has clamped down on the tax and NIC benefits of some aspects of salary sacrifice schemes. The changes are being rolled out gradually from April 2017, and will affect a number of employees who have