PAYE is an acronym for pay as you earn. Despite this label, the employee (‘you’ in the title) has little involvement in the PAYE process, other than suffering the income tax and NIC deduction from their wages or salary. In the majority of cases, it is the employer who administers PAYE on their employees’ earnings and is responsible for paying over the tax and NIC (plus any student loan repayments) deducted to HMRC. However, there are some circumstances where this is not the case and tax and / or NIC has to be accounted for by a third party.
Where employees receive incentive ‘awards’ from a third party, tax and NIC may be due on the value of the award. If the employer is not directly involved in the provision of the award by the third party, then the third party may opt to enter into a TAS. The agreement is between the third party and HMRC. Where a TAS has been entered into, the third party can choose to account
VAT on property disposalsThis guidance note provides an overview of the VAT treatment of selling property that is located in the UK. The UK includes Great Britain, Northern Ireland and the territorial sea of the UK. The sale of any land or building located outside the UK is outside the scope of UK
First year allowancesFirst year allowances (FYAs) are available on the following items:•first-year relief on qualifying new main rate plant and machinery (at 100%, which is described by HMRC as ‘full expensing’) and special rate assets (at 50%) from 1 April 2023 (companies only). These FYAs were
Capital allowances on carsSummary 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 of 50g/km and below 18%CAA 2001, s 104AASecondhand cars with CO2