The following Employment Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
If an employer provides any staff entertainment for their employees, a taxable benefit may arise on that provision under the Benefits Code. See Simon’s Taxes E4.601. Staff entertainment could be any function, event, party or meal which an employer provides to an employee. HMRC guidance starts at EIM32615.
The first thing to consider is whether the expenditure incurred by the employer is exempt from tax anywhere else in the tax legislation. This may be because the event is a qualifying annual party, the meal is covered by travel and subsistence rules,
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Generally speaking, inheritance tax (IHT) is charged only on transfers of value by individuals and trusts. However, to prevent avoidance of the tax, the charge is extended to participators in close companies where:•a close company makes a transfer of value, or•the share capital or loan capital of a
The majority of state benefits (also called social security benefits) are managed by the Department of Work and Pensions (DWP) via the Jobcentre Plus.Some benefits are dependent on a national insurance contribution record (and different classes of national insurance provide different benefit
On the disposal of the shares in a company, a seller may receive loan stock in the acquiring company as consideration or part consideration for the sale. For tax purposes, loan notes are either qualifying corporate bonds (QCBs) or non-QCBs (NQCBs). The expression ‘corporate bond’ is a general
This guidance note covers measures in place to allow taxpayers to defer VAT payments as a result of pressures faced due to the coronavirus pandemic.For an overview of the impact of coronavirus on VAT more broadly, see the Coronavirus (COVID-19) and VAT ― overview guidance note.See also the CIOT