62 ways to pay less tax – No. 5 Alternative to the office party
You normally have a Christmas party for your employees which the Taxman accepts as a tax-free benefit for directors and employees alike, provided the cost is less than £150 per head (including VAT). But what if the format is getting … Continue reading
P11D Reporting Dispensations 2011/12 Tax Year
The reimbursement of business expenses to your employees should be reported on forms P11D unless covered by a P11D reporting dispensation. The final date that HMRC will accept applications for a 2011/12 P11D reporting dispensation is 5 April 2012. No … Continue reading
Is Your Payroll Information ‘Clean’?
The Taxman is asking all employers to spring-clean their payroll data to prepare for RTI. What does RTI stand for? It stands for Real Time Information, and within the next 18 months it will become as familiar to you as … Continue reading
Apply for a tax dispensation?
A recent report claims that PAYE dispensations are vastly under-used. These informal agreements with the Taxman can be big time savers for employers. But when is the right time to apply for one? Essentially, a PAYE dispensation is permission from … Continue reading
National Minimum Wage Increases
Changes to national minimum wage rates will take effect from October 1 2011: The adult (aged 21 and over) minimum wage rate will increase from £5.93 to £6.08 an hour The Youth Development Rate (18-20 year olds) will rise from … Continue reading
New employers’ pensions regulations
Another set of regulations is set to fall on the shoulders of all employers. This time it’s a compulsory pension scheme for all employees. This new pensions law is due to be introduced over four years from October 2012. The … Continue reading
New advisory fuel rates for company cars from 1 September 2011
HMRC have published new advisory fuel rates for company cars, which will take effect from 1 September 2011. These rates apply to all journeys on or after 1 September 2011 until further notice. For one month from the date of … Continue reading
Tax relief on childcare vouchers
Tax relief on childcare vouchers is changing from April 2011. How can you maximise the tax relief from this scheme while it lasts? Employers can currently supply their employees with childcare vouchers worth up to £55 per week, which are … Continue reading
Staff Christmas Parties and Gifts – How generous can you be?
It’s that time of year again when you’re planning your staff Christmas party or what gifts you might be giving to your hardworking employees! The question is, how generous can you be? Staff Parties According to HMRC rules you can … Continue reading
Can you claim VAT back on employee’s mileage claims?
A commonly asked question is whether or not VAT can be claimed back on employee’s mileage claims. The answer is yes…but you can only claim a proportion of the VAT back. Mileage claims are most commonly paid based on HMRC’s authorised … Continue reading
