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 provide employees with assistance towards meeting the costs of public transport which the employee uses for commuting to and from their permanent place of work. The provision of the majority of these benefits have tax, NIC and reporting requirements which are discussed in turn below.
One of the most common forms of financial assistance that an employer provides to an employee is in relation to season tickets. There are a number of ways in which this assistance is provided and the tax, NIC and reporting consequences change with each of these.
If an employer provides a loan to an employee to purchase a season ticket, there are no tax or NIC consequences, and no reporting obligations as long as the outstanding value of all loans to 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
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
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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