Taxable Benefits through Employment : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

Taxable Benefits through Employment

July 8, 2013

Taxable Benefits through Employment
Company Logo

London (RPRN) 07/08/13 — Following HMRC rules and regulations remains imperative to understand where employee benefits should be taxed and by how much?

All business earnings are taxable but unless the benefit can be converted into cash there is no taxable benefit. Whilst this is a general rule, variants and a lot of small print occur therefore specialist advice should be consulted.

Policies are detailed and can be subject to change as they have done in the recent budget for 2013. The Independent (2013); ‘Companies will benefit from the further trimming of corporation tax on all businesses – large and small – to 20 per cent in 2015.’ The complicated specifics of taxing should be reported properly to ensure no penalties are incurred. A P11D must be completed annually by employers, presenting HMRC with the benefits compensated to employees and directors. Please contact King and Taylor for further information on reports needed to be submitted by your business.

Understanding which payments do not involve a tax liability is important. Dispensations can be granted by the HMRC, allowing the employee

Taxable Benefits through Employment
not to report certain expenses, an example being travel costs. National Insurance is required however this is not due on certain benefits, except vouchers, stock or shares. The majority of benefits are subject to Class 1A NIC payable by the employer.

Which benefits will be taxed?

The following benefits are taxable on all employees:

• any living accommodation provided, unless job related

• vouchers

• credit tokens

Important benefits which are not taxable:

• retirement benefits which are paid by an employer into a registered pension scheme

• meals provided in a staff canteen

• drinks and light refreshments at work

• parking provided at or near an employee’s place of work

• workplace nursery places provided for the children of employees

For further information on any topics discusses follow this link: http://www.kingandtaylor.co.uk/wp-content/uploads/2012/01/Employment_Benefits.pdf. We would welcome the opportunity to assist you with any planning and compliance matters so please do contact us via our website.

Media Contact Name: Dean Spencer
Media E-mail:
Media Phone: 01332 253840
Media Web Address: http://www.grapevine-group.co.uk
Company Contact Name: Joanna Trinder
Company E-mail:
Company Phone: 01474 569777
Company Web Address: http://www.kingandtaylor.co.uk
Click here to see all news from this author/company

Filed Under: BANKING AND FINANCIAL NEWS, Career/job/work, PRESS RELEASE, United Kingdom

RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

The new language exchange app is here! As easy as learning Chinese!

SAN FRANCISCO 07/23/14 · The new language exchange app ‘Social Language’ is now...

Xpressivo live on KickStarter! Get a Jolt!

SAN FRANCISCO 07/23/14 · Xpressivo: Start It Up!   Get a jolt today! Xpressivo’s new...

What’s better than distributing your press release to tons of outlets? Guaranteed AP Media Coverage!

San Francisco/Montreal/London 07/23/14 · Distributing your press release with GUARANTEED placement in...

Xpressivo: Bringing Coffee Back

SAN FRANCISCO 07/17/14 · Espresso drinkers – get excited! Now even the most...

Designz23 presenta SEO, avisos Google, Pago Por Click, sitios aptos para mĂłviles

Allentown Y Bethlehem, PA 07/16/14 · – Designz23.com se complace en ofrecer lo último...

Remapping and Insurance: What You Need to Know

LONDON, UK 07/14/14 · With turbodiesels often getting some of the very...

Are Canadian consumers getting fleeced by the life insurance industry?

Halifax, NS 07/08/14 · Consumers have had enough and they want to...

Open Casting Call for W Network’s New Reno Competition Series Game of Homes

VANCOUVER, B.C. 07/08/14 · Casting underway in Vancouver W Network and Great Pacific Television are looking...

Vegan Recipe Cookbook Celebrates 70 years of Vegan

London, UK 07/08/14 · London based health and nutrition consultancy Foods for...

Discover the Benefits of Grand Estates Auction to the Buyer

Charlotte, NC 07/07/14 · Benefits of Grand Estates Auction to the Buyer...

Why Are Brokers considering Grand Estates Auctions? Discover the benefits

Charlotte, NC 07/06/14 · The Benefit of Grand Estates Auction to the...

Grand Estates Auction Company presents Music City Glamour

Nashville, TN 07/05/14 · Redisvoer Music City Glamour: Nashville, Tennessee Nashville is more...

Summertime, And the livin' is easy! PR Summer 2014

San Francisco 06/27/14 · Summertime,  And the livin' is easy!  Enjoy the...