The following Employment Tax guidance note Produced by Tolley in association with Philip Rutherford provides comprehensive and up to date tax information covering:
The provision of furniture by an employer to an employee is usually linked to the provision of living accommodation to the employee.
If the furniture provided to the employee remains the property of the employer, the value for tax purposes is based on the annual value of the furniture. In order to calculate the annual value you should refer to the Assets ― made available to an employee guidance note.
Broadly speaking, the annual value is 20% of the market value of the furniture when it is first made available to the employee.
If living accommodation is provided by the employer then the value of the taxable benefit of the use of any furniture provided depends on whether the accommodation falls within an exemption from tax or not.
If the living accommodation is taxable (ie not exempt) then the taxable amount is determined based on the annual value of the furniture. This is the amount to be included in the reporting requirements outlined below.
If the living accommodation is exempt then the amount is determined differently. The exemptions applying to the provision of living accommodation are discussed in
**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
Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.