B

    Income tax - Employment income - Expenses and benefits - II. Benefits in kind - Taxable benefits - Scope - Overview of taxable amount - 27425

    Employees are taxed on every benefit received by reason of employment unless a specific exemption exists (¶27280). Generally, the time at which the benefit becomes taxable is when it can be...

    It’s P11D time!

    HMRC has released its 2014/15 benefits and expenses Form P11D plus updated guidance to go with it. Is there anything new to watch out for?

    Choosing not to pay tax on a benefit

    You’re completing Forms P11D for 2009/10 and realise that the car you bought your son using the company bank account is going to cost you a fortune in tax and NI. Is it too late to dodge these?

    No cost, no taxable benefit?

    A colleague has told you that instead of discounts from his suppliers he’s asking them for extra items, free of charge. He reckons that as these have no cost he can take them out of his company tax-free....

    Part-time tax trap

    A colleague has told you that he keeps his part-time employees’ wages to below £8,500 pa. This way he can top up their earnings with benefits-in-kind which are tax-free at this level. Is this something...

    School fees and P11Ds

    Fees for private day schools can range from £5,000 to £10,000 a year. If your company pays the fees directly will you have to pay tax and NI on this? A recent case has clarified the position,...

    Tick boxing: client entertainment?

    Every year you need to make an entry for any entertainment expenses you’ve reimbursed an employee on P11Ds. Next to this figure you are asked to “enter a tick or a cross as appropriate”....

    In-house benefits

    You may provide your employees with certain discounted or free goods or services that your business deals in. However, employer’s NI is due on this benefit-in-kind. There is a way to keep this...

    A cricket box?

    You may have thought of hiring a box at e.g. a cricket ground to meet and discuss business with customers. But, knowing that the Taxman will want to put obstacles in your way, is there a way...

    A car shared is a tax bill halved

    You’ve just calculated that your car benefit figure for this last year is going to be enormous. But with one car between the two of you, your spouse has actually used it the most. How can you...