The following Employment Tax guidance note Produced by Tolley in association with Paul Tew provides comprehensive and up to date tax information covering:
An employer may choose to pay an employee’s mortgage liability. This is generally done for one of two reasons, either:
to provide a benefit to the employee
as part of a relocation package
If an employer decides to pay a mortgage on behalf of an employee in order to provide a benefit to them, the payment should be considered to be the settlement of a pecuniary liability, ie the settlement of an employee’s personal debt and the employee benefiting from its monetary value.
Under ITEPA 2003, s 62, earnings include anything that is of money’s worth. Money’s worth is the direct value to the employee. In this instance, the employer’s payment of the mortgage is of direct monetary value t
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
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
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
Business asset disposal relief (previously known as entrepreneurs’ relief) is a capital gains tax (CGT) relief that allows business owners with chargeable gains on qualifying business assets to pay CGT at a rate of 10%. For disposals made on or after 11 March 2020, the relief is available on up to
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