A smartphone ‘as configured and understood at the start of 2012’ is a mobile phone and qualifies for the tax exemption for a single mobile phone made available to an employee without transfer of ownership, HMRC has announced.
The government should stop pay arrangements that could allow senior officials to avoid thousands of pounds in tax, the head of the senior civil servants’ union said today after it emerged that the Department of Health pays the salaries of 25 senior staff to limited companies.
HMRC has reminded employers that from April 2012 it will have the power to require an employer to pay a security where there is a ‘serious risk’ of non-payment of PAYE tax or NICs.
Is it better to incentivise private company employees with shares or EMI options? Paula Tallon and Adam Bradley set out the tax considerations and comment on some of the legal and practical issues.
The Chief Executive Officer of the Student Loans Company at the centre of controversy over his tax arrangements was advised to account for tax and national insurance contributions under special rules introduced to counter tax avoidance via personal service companies.
HMRC has withdrawn its plans to introduce a leaver statement instead of a form P45. ‘We have been working closely with employers and stakeholders about the introduction of Real Time Information,’ said Stephen Banyard, Acting Director General for Personal Tax.
An arrangement reported to allow the Student Loans Company's chief executive legally to avoid thousands of pounds in income tax and national insurance contributions will be unwound, a Treasury minister announced in the House of Commons this morning.
The official rate of interest to be used in calculating the benefit of an employment-related loan (within ITEPA 2003 s 174) is unchanged at 4% for 2012/13, HMRC announced.
From 6 April an employer making a share-based payment – in the form of securities, interests in securities or securities options – to an employee who has left the employment will be required to use the PAYE code 0T, instead of BR, where the payment was not entered on the leaver form P45.