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Employee benefits

Date: 20th April 2017 | Post by: HaesCooper | Category: Company Tax Updates & Information
If your employees work more hours over the festive season, you can offer them free food and drink as a tax-free incentive. However, to qualify for the special tax treatment certain conditions must be met. What are they? Free meal ticket Despite HMRC’s clampdown on using free workplace meals as part of a salary sacrifice...
Date: 20th April 2017 | Post by: HaesCooper | Category: Company Tax Updates & Information, Personal Tax Updates & Information
Pump prices are down; in fact, fuel is cheaper than it was in 2011. Despite this, the tax charge where your business pays for fuel that you use for private journeys in a company car has steadily increased. Can it ever be tax efficient? Taxable perks A good job-related perk or, as HMRC calls it, a benefit in kind (BiK) can...
Date: 20th April 2017 | Post by: HaesCooper | Category: Company Director Information
If you need a little extra cash you might be tempted to take some additional cash from your company's bank account. HMRC might argue that the money should be subject to tax and NI as salary. How can you counter this? Director's loan The only director and shareholder of a company, came under fire from HMRC because he used...
Date: 20th April 2017 | Post by: HaesCooper | Category: Company Tax Updates & Information, HMRC Updates
Revised rates. HMRC has updated its advisory fuel rates (AFRs) for company cars. These apply from 1 June 2014, but you can continue to use the previous rates until 30 June 2014. Private journeys. AFRs can be used to avoid potential tax charges that can arise where: your business pays for fuel put into a company car or van...
Date: 20th April 2017 | Post by: HaesCooper | Category: Company Tax Updates & Information, Personal Tax Updates & Information
You've introduced homeworking for your staff. They'll need PCs which you're happy to provide, subject to them making a contribution for personal use. But would it be more tax efficient for employees to buy the equipment and you reimburse them? Use of an employer-owned asset As a general rule, employees are taxed on perks...