Payrolling benefits in kind is currently voluntary. If an employer currently wishes to payroll benefits, they must register online before the beginning of the tax year they want to include them on the payroll. This may mean that the employer does not have to prepare P11D forms at the end of the tax year. However,…
Author Archives: Shelly O'Neill
16
Dec
Dec
The government has announced that Double Cab Pick-Ups will no longer be classed as commercial vehicles from April 2025 if the payload is more than 1,000kg (or 1,045kg with a hard top installed). The dates that the changes come into effect are: From 1 April 2025 for Corporation Tax, and From 6 April 2025 for…
08
Jul
Jul
An enterprise investment scheme is a government initiative that can provide a source of funding to early-stage companies while offering tax benefits to its investors. The government offers EIS tax reliefs to encourage people to invest in early-stage businesses with high growth potential. These investments can help to create successful businesses which create jobs and…
On March 1, the HMRC published its new Advisory Fuel Rates (AFRs) aimed at employers who reimburse their employees’ private mileage while using company vehicles. There have been very slight reductions in the suggested pence per mile values employees should claim back when driving for work purposes, in line with the price of fuel dropping…
An Electric Vehicle (EV) scheme is a tax efficient way for employees to have an electric car by salary sacrifice. This means a portion of the employee’s earnings, before tax, is used to fund repayments on an electric car which means that they do not pay tax on the monthly car payments. This will also…
Can I reclaim the VAT on the cost of my garden office? If you are VAT registered and build it through your business then absolutely YES. Some key pointers below: ▪ Ensure the business pays for all costs, you cannot claim the vat back if you pay personally ▪ If you are planning to use…
The HM Revenue & Customs trivial benefits allowance allows employers to gift employees up to £50 gift voucher/gift card tax free. This makes gift vouchers an attractive way to say thank you rather than cash paid via an employee’s salary. For gift cards to qualify as tax exempt, the gift voucher must not be more…
Trivial benefits are staff benefits in kind which can be provided without incurring tax. From April 2016 legislation was introduced to allow employers to provide tax-exempt gifts and entertainment. However, for benefits to qualify as a trivial benefit the following conditions must be met: – The cost of providing the benefit must not exceed £50…
After having several queries regarding benefits and expenses we have decided to post a series of articles in respect of certain aspects of the benefit in kind rules, to help employers plan for the upcoming tax year and refresh their understanding of the benefits in kind system. We will begin our series of articles with…
