The following Employment Tax guidance note Produced by Tolley in partnership with Emilie Bennetts at Charles Russell Speechlys LLP provides comprehensive and up to date tax information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant tax changes associated with Brexit began to take effect. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit ― personal and employment tax implications guidance note.
Putting someone on ‘garden leave’ means sending them home on full pay during their notice period. This can be done when an employee resigns or when he is dismissed with notice.
In some situations, employees are pleased to be sent on garden leave and no difficulties arise. However, there are circumstances in which garden leave can be a major area of dispute, often because the employee wants to leave work immediately in order to work for a competitor.
An employee may also object to being put on garden leave where this will cause him financial loss, cause him to become de-skilled or make it more difficult for him to find a new job. In this situation, there may be a right to work during his notice period unless the employer has a clear contractual right to require the employee to go on garden leave.
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Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Expenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and exclusively test. See the Wholly and
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