The following Employment Tax guidance note Produced by Tolley in association with Paul Tew provides comprehensive and up to date tax information covering:
An honorarium is a cash payment made to an office holder for performing a service which is voluntary in nature, often in a separate organisation. The payment has no contractual basis and usually the amount is small in comparison with the employee’s normal rate of pay for performing their employment duties.
Honorarium is an acknowledgement that an individual has been involved in certain activities not arising from their employment, and that, in relation to those activities, no other form of reward will be made. Payment is primarily made for two reasons, ‘to say thank you’ in recognition of the valuable service given and to ensure that a par
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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
Statutory sick pay (SSP)Statutory sick pay has its origins in the Social Security and Housing Benefits Act 1982, Part 1. Various amendments have been made to this Act to give us the SSP system we now operate.Temporary changes to SSP for coronavirus (COVID-19)New legislation has been put in place in
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
What is a quoted company?Reference to a quoted company is usually to a company where the shares in the company are listed on the London Stock Exchange, any other international stock exchange, or on AIM or ICAP Securities and Derivatives Exchange (formerly the PLUS market and now known as ISDX) in