Tax - Employment taxes

Recently added Tips & Advice

TAX-FREE BENEFITS - 21.05.2024

Rewarding long-term service tax efficiently

Your client has an employee who has been with the company since it started trading more than 30 years ago. They want to do something to recognise this long service, but want to do so in a way that the employee doesn’t incur a tax charge. What might you advise?
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SELF-ASSESSMENT - 17.05.2024

HMRC excuses taxpayers from self-assessment

Letter from the Taxman. If your total employment and pension income is between £100,000 and £150,000, you have probably received a letter from HMRC telling you about its new rules regarding whether you need to submit a self-assessment tax return. No self-assessment needed. The letter says that you might not need to complete a tax return for 2023/24 if your last return showed that your only income was taxed through PAYE and was no more than £150,000. The previous threshold was £100,000. This exception doesn’t apply if there’s another reason which HMRC identifies as requiring self-assessment . HMRC has an online tool for checking this but in our view it’s flawed. You might owe tax or be due a refund, which if you followed HMRC’s advice could result in penalties or missing out on a refund. ...
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NATIONAL INSURANCE - 17.05.2024

New service for voluntary NI contributions

HMRC recently launched a new online service to help top up your NI contributions record. Is it something you should consider using?
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CARS - 17.05.2024

Reduce company car tax with capital contribution

It’s time to replace your company car. A friend says that if you make a personal contribution to the cost it will be more tax efficient. The trouble is, you don’t have the cash for this. Is there still a way to achieve the tax saving?
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PAYROLL - 17.05.2024

Don’t overlook the P60 deadline

The deadline for providing P60s for 2023/24 to your employees is 31 May 2024. Your payroll software will produce the P60s but who should you provide one to, and what are the consequences if you don’t?
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HOMEWORKING - 17.05.2024

Creating a home office tax efficiently

You want to erect a cabin in your garden to use as a home office. You and your family will also use it for private purposes. Will it be more tax efficient for you or your company to pay for it?
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Tax - Employment taxes

Most read Tips & Advice

VAT - 18.03.2024

Leasing cars - what are the VAT pros and cons?

You’re considering leasing instead of purchasing cars for your business. This will improve cash flow and, according to the salesperson, allow you to reclaim VAT that you would not otherwise be entitled to. Are they correct?
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BENEFITS - 17.04.2024

The tax advantages of benefits in kind

Your company is doing especially well and you want to take advantage of its good fortune. The priority income you take should be tax efficient. Why might benefits in kind be your best option?
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TAX PLANNING - 05.03.2024

Threshold tax and benefit traps on families

The media like to bandy about the phrase “stealth tax”. In reality what they call stealth tax isn’t at all. However, there are genuine cliff-edge income thresholds that result in unfair tax charges. What are they and how can you avoid them?
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