The following Employment Tax guidance note Produced by Tolley in association with Philip Rutherford provides comprehensive and up to date tax information covering:
This guidance note covers situations in which employers either provide or pay for an employee’s holidays. For the tax implications of holiday pay, see the Holiday pay guidance note.
The payment for, or provision of, a holiday by an employer to an employee always gives rise to tax, NIC and reporting requirements. There are no exemptions within any of the tax legislation for this benefit.
The provision of holiday vouchers to an employee gives rise to the tax and reporting requirements outlined below.
Which of the parties arranges and how the employer actually pays for the holiday determines how the benefit is reported and taxed. The re
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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
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
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
Why is this important?Tax-free amountEach individual, whether or not they are resident in the UK, is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year (although see the exceptions below). The annual exempt amount is also known as the
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