The following Employment Tax guidance note Produced by Tolley in association with Sarah Bradford provides comprehensive and up to date tax information covering:
Wages are defined as any sums payable to the worker in connection with the employment.
Employers generally agree the basic rate and frequency at which they will pay their employees. The rate must not be less than the national minimum wage (see the National minimum wage ― overview guidance note). The rate of pay and / or method of calculating pay constitute key information contained in the written statement of particulars at the commencement of employment. See the Written statement of particulars or terms and conditions guidance note. The written statement of particulars should be updated with any changes subsequently agreed. The employer will then be obliged to pay wages to the employee at the agreed rate whenever the employee is ready and willing to work. In other words the employer will have to pay wages irrespective of whether or not he can provide work for the employee to do.
In the written statement employers and employees may also agree that the employee will be entitled to wages
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
Business asset disposal relief (previously known as entrepreneurs’ relief) is a capital gains tax (CGT) relief that allows business owners with chargeable gains on qualifying business assets to pay CGT at a rate of 10%. For disposals made on or after 11 March 2020, the relief is available on up to
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.