Archive for July, 2014

Tax Free Benefits

Rewards for employees where the employer and the employee benefit from cost savings include; Childcare Workplace Nursery Employee Travel Staff Recognition Awards Gym Membership Employee Cars Mobile Phones Well-persons Check Private Healthcare Carbon off-setting Luncheon Vouchers Car Clubs Professional Subscriptions High Street Vouchers

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Company Car and Car Fuel Benefit Calculator

When a company car is made available for the private use of an employee a ‘benefit in kind’ value is calculated in relation to the car (and to the fuel if that is also made available for private use). This calculator allows you to calculate the ‘benefit in kind’ value of a company car and, if appropriate the car fuel benefit.  It provides an indication of the Income Tax you would be liable to pay for the provision of company car and car fuel benefit. http://www.hmrc.gov.uk/calcs/cars.htm

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P11D Penalties

P11D(b) must be filed with HMRC by 6th July, if HMRC do not receive it by the 19th July a penalty will be issued.  Penalties accrue for each month (or part month) that your P11D(b) is outstanding at £100 per 50 employee. Failure to submit a P11D or P9D altogether can attract a maximum initial penalty of £300 per form, plus continuing penalties of a maximum of £60 per day thereafter. You can apply to HMRC for a Dispensation to cover expenses or benefits for which your employee gets a full tax deduction.  This includes many routine business expenses and…

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Employment Status Indicator

HMRC have always targeted organisations that make payments to workers who are regarded as self-employed.  If HMRC reclassifies these workers to employed, tax and nic’s, interest and penalties become will be demanded from the employer. Use HMRC’s Employment Status Indicator Tool here to check the employment status of an individual or group of workers. https://esi2calculator.hmrc.gov.uk/esi/app/index.html

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