Articles Tagged ‘Benefits’

A quick reminder: Reporting expenses and benefits

 

Reporting benefits and expenses provided to employees

HMRC has recently updated its toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of significant recent changes in this area.

HMRC toolkits are designed to help minimise the risk of errors in returns and computations and their use, although voluntary, will be taken into consideration in determining whether or not reasonable care has been taken in the completion of a return such as a form P11d reporting expenses and benefits.

A staff summer party can be a tax-free benefit!

RWBsummerparty_taxplanning

Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied.

Are you maximising your benefits?

Is having a company car still a perk?

RWB_Company Car expenses

 With HM Revenue & Customs continuing to increase the taxable benefit of having a company car, is a company car cost-effective?

By looking carefully at the tax implications for both the employee and employer, an informed decision can be made about whether a company car is the right choice. The outcome varies significantly depending on the type of vehicle being considered.

Make school holidays easier with tax-free childcare

RWBsummerholidays_taxplanning

Did you know there is a government scheme available that can help contribute towards childcare costs which may mean fewer of your employees will need time off at the same time this summer?

Read on to find out how you can help support your staff and maximise your business over the holidays..

New VAT rules for the construction sector

RWB_New_VAT_rules_for_the_construction_sector

Under new rules due to come in on 1st October 2019 builders, sub-contractors and other trades associated with the construction industry will have start using a new method of accounting for VAT.

New VAT rules for the construction sector start on 1st March 2021

RWB_New_VAT_rules_for_the_construction_sector_start_on_1st_March_2021

New VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of the changes in the industry.

Tax planning to minimise the High Income Child Benefit Charge

RWChildbenefit_taxplanning

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14.

Are you maximising your child benefit entitlement?

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