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Taxable Benefits through Employment

July 8, 2013

Taxable Benefits through Employment
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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 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 / Anne Howard annehowardpublicist.com

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