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income tax earnings
Collecting tax debts through the tax code
Changes to PAYE Regulations take effect from 6 April 2012 Last week’s newsletter included an item about HMRC taking new powers to recover tax debts of up to £3,000, at HMRC’s discretion and without the debtor’s consent, by means of adjustments to tax codes. The PAYE Regulations have been amended accordingly and the new powers [...]
Income tax and National Insurance proposals for 2011/12
On 15 February, the Treasury Minister announced that no changes are proposed to income tax allowances and rates and Class 1 NICs rates for the tax year commencing 6 April 2011. The changes to NICs thresholds are proposed as follows: lower earnings limit, from £97 to £102 per week upper earnings limit, from £730 to [...]
Ireland: 2011 Budget and the Universal Social Charge
Ireland’s 2001 Budget measures, presented by the Minister for Finance on 7 December, include significant changes to taxation in employment. The key changes involve: replacing the Income Levy and Health Levy with a single Universal Social Charge removing the PRSI employee contribution ceiling increasing the PRSI rate for the self-employed, higher earning public servants and [...]
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 [...]
