The following Employment Tax guidance note Produced by Tolley in association with Philip Rutherford provides comprehensive and up to date tax information covering:
Employers may make gifts to an employee for various reasons. The amount incurred by the employer in respect of the gift to the employee is taxable unless it qualifies for a particular exemption from tax, such as the exemptions for certain trivial benefits or long service awards.
The Christmas bonus / gift to employees and Long service awards guidance notes provide more detail on Christmas gifts and long service awards. Other categories of non-taxable business gifts are discussed below.
If the employer provides a gift by way of voucher, see the Vouchers guidance note for more information.
HMRC guidance is at EIM01450.
The tax treatment of a taxable gift made to an employee is determined by the nature of the gift and the method of that provision.
A gift of cash or money’s worth is taxable as earnings and should be included in payroll and subject to tax and Class 1A NIC.
If the gift is in the form of a cash voucher or similar then this will also be taxable as if
**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 note provides details on how to calculate quarterly instalment payments (QIPs) for large and very large companies.The instalment amounts are based on the estimated corporation tax liability of the company’s current accounting period. Therefore, this means that large and very large companies
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
Usually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note for further details.This rule can be
The detailed definition of a close company is set out below but in summary the rules are targeted at those companies where the owners can manipulate the activities of the company to influence their own tax position. Therefore, broadly speaking, most owner-managed or private family businesses will be