Accountants are often asked whether a SA tax return is really necessary, particularly where all the taxpayer’s income is fully taxed under PAYE. The correct answer is that a tax return should not be necessary for such a taxpayer, unless he also has capital gains or child benefit to declare, or his income is over £100,000.
News & Updates
The rules for valuing a benefit in kind provided by way of a salary sacrifice changed on 6 April 2017, but not many employers are aware of the implications as there has been very little publicity by HMRC.
Lots of people get confused about the VAT treatment of expenses which are recharged to customers. The rule to remember is; all recharged expenses carry VAT, unless the item is a disbursement.
The employment allowance was introduced from 6 April 2014, to provide some relief to small businesses from the payroll tax known as employers’ class 1 NIC. Although the emphasis was on small businesses, the employment allowance is available to all sizes of businesses, with some exceptions.
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful. Please contact us if you would like to discuss any matters further.