Accountants, Tax Advisers And Business Consultants

EMPLOYMENT TAX

Today the remuneration of many directors and employees comprises a package of:-

Ø        Salary, and

Ø        Benefits

Essentially two tests must be applied in determining the tax implications of a benefit:-

Ø        Is the benefit taxable?

Ø        If the benefit is taxable, what is its taxable value?

The taxation of benefits in kind is a complex area. Ensuring that you comply with all the administrative obligations and plan in advance to minimise tax liabilities is essential.

We can advise on the main benefit in kind rules and the advantages and disadvantages of each type of benefit.

Under the new car benefit rules, there will be winners and losers. In general, the winners will be those with relatively modest cars driving few business miles, while the losers will be those driving at least 18,000 business miles a year in high specification models. For individuals in this latter category, it may be time to revisit the issue of the tax-efficiency of continuing with the company car.

We can help you with the following:-

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Reviewing existing employees' remuneration packages for tax     efficiency

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Advising on systems for reimbursing expenses and applying for dispensations

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Calculating the payroll and the PAYE due

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Please contact us for more detailed information and advice on the above.

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