The following Employment Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Statute provides that almost all adult workers should be paid at a minimum hourly rate ― either the national living wage (NLW) or the national minimum wage (NMW) (according to the age of the worker and whether he is an apprentice). Unless otherwise stated, all references to the NMW inthis guidance note should be read as including the NLW.
At Spring Budget 2020, the Government announced that it is committed to helping with the living cost for everyone across the UK and will announce a new target for the NLW to help reach two-thirds of median earnings. The NLW will be extended to workers aged 21 and over by 2024. Provided that economic conditions allow it, this means that NLW is expected to be over £10.50 in2024.
Most workers who work inthe UK are entitled to be paid the minimum wage. This is a very broad category of people and includes all those who personally provide work or services under a contract, except for those who are self-employed and inspecified excepted groups including:
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Legislative definition of plant and machineryThe general rule allowing capital allowances on plant and machinery is given at CAA 2001, s 11. There is no statutory definition of the term ‘plant and machinery’ but there is confirmation in the legislation on what constitutes a building or a structure
Trust property, which is the subject of a qualifying interest in possession (QIIP), may become chargeable to inheritance tax on the following occasions:•on the death of the beneficiary with the interest in possession•on the death of the beneficiary within seven years after a transfer or lifetime
This guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax liability falls on the trustees
Special rate poolExpenditure on some types of plant or machinery must, if neither annual investment allowance (AIA) nor first year allowances (FYAs) are available, be allocated to a ‘special rate pool’. Expenditure to be allocated to the special rate pool consists of expenditure incurred