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There are a number of welcome changes being made to the taxation of benefits on employees and directors with effect from 6 April 2016. The changes have largely arisen from the work of the Office of Tax Simplification. One in particular will provide much more certainty in the taxation of benefits - a new statutory exemption for 'trivial benefits'. In practice HMRC have accepted that non-cash trivial benefits that are more related to staff welfare, rather than being a reward for services, did not have to be reported on form P11D. But, under tax law any small benefit could have been taxable.
With effect from 6 April 2016 there will be a statutory exemption for certain non-cash benefits up to £50. There is an annual cap of £300 which applies to some people - office holders (eg directors) of close companies (typically family companies) and employees who are family members of those office holders.
Those affected by this cap will be able to receive a maximum of £300 worth of trivial benefits each year exempt from tax. So trivial benefits are not so trivial.
Reviewing is an essential part of day-to-day business management.
A key advantage of trading as a company is that the owners, who are generally both shareholders and directors.
There are a number of welcome changes being made to the taxation of benefits on employees and directors with effect from 6 April 2016.
There can be generous tax relief for charities but only if the charity is correctly set up and run.
This year's nominated charity is the Alzheimer's Society. To raise funds staff wore something Christmassy for charity with varying results! CK made a donation of over £400 to the Alzheimer's Society. Many thanks to all who took part.
The Marriage Allowance lets certain individuals transfer 10% of their personal allowance to their spouse or civil partner.
The Chancellor announced in his Autumn Statement in November 2015 that he would be introducing new rates of Stamp Duty Land Tax (SDLT) on purchases of buy to let properties or second homes.
In December 2015, HMRC launched the Personal Tax Account (PTA).
The surprise announcement in the Summer Budget 2015 restricting income tax relief for interest costs incurred by landlords of residential properties became law in November 2015.
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The online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant is now open for claims.
The Recovery Loan Scheme has been introduced to replace the government's coronavirus lending schemes.
The Association of Independent Professionals and the Self-Employed has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, 'undermine the self-employed at the worst possible time'.