Tax Return Due Date 31st January 2018
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Basics- Employment Taxation

Harish Verma

Scope

Employment income from earnings including benefits in kind.

Earnings are defined widely. These include bonuses, commissions and tips.

PAYE

Income Tax payable on Earnings is collected through Pay as you earn system.

Real Time Information (RTI) is the system employers use, to report Payroll data each month end.

Benefits-in-kind

Non cash earnings are also taxable under separate rules.

Examples of Benefits in kind are

Living accommodation paid for by your employer.

Cars, vans and fuel costs provided for employees, are taxed under complicated rules.

Beneficial loans- where employees are provided cheap loans 

Medical Benefits

Leaving Employment

Where payments are made to Employees on the termination of employment. First £30,000 paid on termination of employment  is exempt from income tax.

We can help Employers comply with their duties to run Payroll plus help employees save tax by the use of benefits- in- kind to save tax.

www.takingaccount.co.uk

 

 



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