HM Treasury has posed fourteen questions to draw out views on the burdens faced by employers in paying income tax and NICs through the PAYE system. The independent Office of Tax Simplification (OTS) was set up in July 2010 to carry out reviews and provide expert advice to the Chancellor on options to improve and […]
Here we take our weekly look at answering some of the tricky HR questions we’ve been emailed. If you have a tricky HR question you needs answering email it to firstname.lastname@example.org and we’ll post the best here with an answer each week. Keeping it in the family We have a section in our foundry where the […]
From April all employer work moves from local HMRC offices to one national location in Newcastle. The following is an extract from the latest weekly informal update (dated 25 March) from HMRC to employer representatives. From 1 April 2011 all employer work will be dealt with by the National Insurance Contributions and Employer Office (NIC&EO), […]
Is the taxable value of a benefit the amount incurred in the tax year it was provided or in which the cost was incurred?
In general, unless more specific calculation rules apply, the Benefits Code states that the taxable value of a benefit provided to an employee is the cost incurred by the employer in providing it. Section 203 of the Income Tax (Earnings and Pensions) Act 2003 states, in part: The cash equivalent of an employment-related benefit is […]