Auto enrolment has been gradually phased in by The Pensions Regulator. However, from 1 October 2017, first time employers will need to comply with the legislation immediately. It’s essential that these employers understand their legal obligation and discharge them. If they failed to do so, fines will be imposed at a rate of up to… Read more »
Posts By: ilyas Patel
Free App For Taxpayers Offered by HMRC
HMRC is endorsing a new app which allows taxpayers to view their tax code and an estimate of the tax to be paid. The app is available from the app store for iOS and Google Play Store users. To use the app, users will need to enter their government gateway ID and password. Users will… Read more »
FREE Champagne From The Taxman
Treat your employees with tax-free champagnes this holiday season ! As long as it doesn’t exceed the trivial benefit threshold and certain conditions are met, your other presents could also be tax-free ! THE RULES The cost of providing the benefit should not exceed £50 per employee The benefit is not a cash or cash… Read more »
Weird And Wonderful Things With Family Companies
There is a misconception that “Family Investment Companies” are complicated and are only relevant to rich families. However, this is clearly not the case ! A Family Investment is simply a company where the shares are held by family members. It’s possible that one can do weird and wonderful things with the share capital, but this… Read more »
Get On Your Bike
You can get a bike and cycling equipment worth up to £1,000. Here’s how . . . The HMRC “Cycle-to-Work” scheme allows you to enter into a hire agreement with your employer or your business in order to pay back the amount. This is typically done through monthly salary sacrifice over the period of 12… Read more »
Tax Savings For Employees And Directors
6 Things You Need To Know 1. Season ticket loan If you are a commuter, you can ask your employer if they can give you a tax-free loan to buy your season ticket. 2. Pool cars Use a pool car for occasional business travel if your employer provides these. 3. Childcare schemes and tax credits… Read more »
Tax-free Mileage Allowance of 60p
The approved HMRC mileage allowance payment is a maximum of 45p per mile. This means that you can pay your directors and employees the maximum amount for using their own vehicles for business journeys. You can also pay your employees more than the HMRC’s approved rates of 45p for the first 10,000 miles and 25p… Read more »
Pay Less Tax On Savings And Investments
6 Things You Need To Know Transfer Assets – If your wife or husband is paying a lower rate of tax than you do, you can transfer your savings and investments to them in order to pay less income tax. Dividend Allowance – The first £5,000 you receive in dividends is tax-free. Basic-rate taxpayers will pay 7.5%… Read more »
Child Benefit Changes
If you or your partner has an income of more than £50,000 per year, then the partner with a higher income has to pay the High Income Child Benefit Charge that came into effect on 7 January 2013. This means that the partner with a higher income must pay an income tax on some or… Read more »
HMRC Actions on Disguised Remuneration
The result of the Supreme Court’s decision regarding the Rangers football case has provoked HMRC to take more action against a wide range of disguised remuneration tax avoidance schemes. Paragraph 89 of the court decision states that employment income paid from an employer to a third party is still taxable as employment income. This means… Read more »
