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 (rushPRnews) 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 Phone: 01332 253840
Media Web Address: http://www.grapevine-group.co.uk
Company Contact Name: Joanna Trinder
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 / AH Marketing ahmarketinggroup.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

BDO Announces Microsoft’s Jeff Edwards as Keynote Speaker at Connections 2016

TORONTO, ON 04/26/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

OIART Audio Engineering School Dominates Ontario College KPI's

London, Ontario 04/26/16 · The Ontario Institute of Audio Recording Technology (OIART)...

BDO is a Proud Sponsor of VHA Home Healthcare’s Heart of Home Care Awards

Toronto, Ontario 04/22/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

BDO Establishes FileNexus® Integration Practice and ASP Offering

Toronto, Ontario 04/19/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

Treasurer Urges Independent Contractors Working In San Francisco To Comply With Business Registration Requirements

SAN FRANCISCO 04/15/16 · TREASURER JOSÉ CISNEROS URGES INDEPENDENT CONTRACTORS WORKING IN...

Celebrate Canada Day anywhere in the World with a Great Canadian

Amherstburg, ON 04/15/16 · - Participants Get To Choose From Don Cherry, Wayne...

Lift The Mystery Around Digital Literacy For Leaders

TORONTO,ON,CANADA 04/13/16 · Masterclass for Executives Led by Clare McDowall: How...

Top Tips to Choosing a New Boiler

Keighley, Yorkshire 04/11/16 · Is your old boiler letting you down or...

A Platform Made For Achievers Available For Download

SAN FRANCISCO 03/29/16 · Compete and show your achievements. Build your Achiever...

RPRNMag Newsmagazine to Bring Business Solutions to Entrepreneurs With News Stories & Sponsored Content

SAN FRANCISCO 03/28/16 · Newsmagazine to focus on business tips and trends  —...

2016 Springtime Public Relations is Effervescent

SAN FRANCISCO 03/25/16 · Following a long winter, Spring 2016 is promising...

Aspect Imaging Announces FDA Clearance of WristView MRI System

Shoham, Israel 03/24/16 · Point-of-care quality wrist and hand imaging: Transforming the...

New illustrated children’s book raises awareness and dollars for Alzheimer’s.

COBOURG, ONTARIO 03/22/16 · Stirred by her mother’s dementia, artist Kathryn Harrison...

Greenroad Wins Fleet Services Provider Of The Year At The Commercial Insurance Awards 2016

Austin, TX 03/11/16 · GreenRoad Named Leading provider of SaaS solution that...