Company Car Tax - Employer Provided Cars The current regime for taxing company cars is intended: (1) to encourage manufacturers to produce cars which are more environmentally friendly and (2) to give company car drivers and their employers a tax incentive to choose more fuel-efficient vehicles. We set out below the main areas of importance for company car taxation.
Benefit in Kind In this factsheet, we give guidance on some of the main benefit in kind rules and indicate some common types of benefits. It is not intended to be an exhaustive guide and any decisions should be supported by professional advice appropriate to your personal circumstances.
National Insurance National insurance contributions (NIC) are essentially a tax on earned income. The NIC regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions.
Travel and Subsistence for Directors and Employees Travelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems. We highlight below the main areas to consider in deciding whether tax relief is available on travel and subsistence.
Employer Supported Childcare Some of the rules affecting the provision by employers of childcare vouchers and employer-supported childcare changed from April 2011. It is important that employers are aware of these changes so that they can advise their employees of what these changes mean.
Employment Benefits Today the remuneration of many directors and employees comprises a package of salary and benefits. Essentially two tests must be applied in determining the tax implications of any benefit. Is the benefit taxable? If the benefit is taxable, what is its taxable value?
Payroll - Basic Procedures In order to set up a Pay As You Earn (PAYE) scheme with HMRC it is necessary to contact the New Employer’s Helpline on 0845 6070143 or to complete the appropriate section of the form CWF1 (Starting in Business).
