All Tax and legislation articles – Page 48
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Case Studies
Tax-efficient step for Foot Anstey
Plymouth-based law firm Foot Anstey launched a new benefits package in November 2010 with the aim of offering staff a wide range of benefits as efficiently as possible.Jo Redgrave, head of HR, says: “It was important to be able to do it in a tax-efficient manner, both in saving costs ...
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Article
KPMG research: UK turns corner on corporate tax competitiveness
The UK has turned a corner on its corporate tax competitiveness, according to research by KPMG.The 2011 UK Tax competitiveness survey, which polled 50 large UK organisations, claimed that the improvement is driven by reforms to the taxation of foreign profits and the government’s commitment to making the UK tax ...
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Article
Government sets out next steps for merging income tax and NI
The government has published a paper setting out its next steps for the merging of income tax and national insurance (NI).The paper summarises the results of the call for evidence, and explains the principles that the government will apply when considering options for reform.As set out in the paper, the ...
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Article
Taxman urges employers not to refer to employees as 'unknowns'
Employers are clearly not as in touch with their workforce as they claim to be as data sent to HM Revenue and Customs shows.In 2009/10, more than 500 PAYE forms incorrectly claimed to employ A N Other, 128 staff were entered as Mr, Ms or Mrs Dummy, and 40 employees ...
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Article
Economists call for 50% tax rate to be dropped
Leading economists have called on the government to ditch the 50% tax rate for high earners.†In a letter, signed by 20 economists, including DeAnne Julius, chairman of Chatham House and former member of the Monetary Policy Committee, and Bob Rowthorn, professor of economics and fellow of King’s College, University of ...
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Article
News analysis: The taxman rides again
Opinions are divided over how new VAT rules for benefits offered via salary sacrifice will affect perks such as bikes for work, says Nicola SullivanDebate is raging over how employers and employees will be affected by the new ruling on applying VAT to benefits offered through salary sacrifice. Last month, ...
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Article
Employers urged to consider the legalities of managing workers' pay after riots
Employers need to consider the legal implications of making changes to workers’ pay and managing their return to work following the riots to avoid disputes.Law firm Eversheds said that employers will have to pay employees absent from work because of the riots, unless there is a specific clause in an ...
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Article
Inez Anderson: What impact would integrating tax and NI have on reward?
The potential integration of income tax and NICs received a mixed reception, even though businesses have frequently argued that it would cut their compliance burden.The impact of integration on the structure of reward packages in the UK will depend on what integration ultimately means. Currently, the key three components of ...
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Article
Graham Farquhar: What impact would integrating tax and NI have on reward?
The key potential gain from integrating the income tax and national insurance (NI) systems is simplicity, in the form of reduced administration and compliance costs, greater transparency and the removal of technical anomalies between the two bodies of legislation.It remains to be seen how, and to what extent, the systems ...
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Article
HMRC wins car allowance tribunal against Total People
HM Revenue and Customs (HMRC) has overturned a first-tier tribunal decision that found business motoring allowances paid to staff at training firm Total People were exempt from national insurance contributions (NIC).The case, from August 2010, concerned whether the NIC relief for business travel could be used, not only on a ...
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Article
Ant Donaldson: What impact would integrating tax and NI have on reward?
Ant Donaldson, senior specialist, employee benefits at E.On UK:Anything that simplifies tax regulations has to be viewed in a positive light, provided people do not lose out.Income tax and national insurance (NI) have different thresholds and limits and interact with reward in varying ways, making it hard to explain them ...
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Article
PMI Health Group research: Employers unaware of legal obligations to staff using display screen equipment
Nearly a third of organisations are unaware of their legal obligations to staff using display screen equipment (DSE).The research, commissioned by PMI Health Group, found that 28% of employers did not know they were responsible for looking after the health of their staff that use DSE.Over half (53%) of respondents ...
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Article
Punter Southall research: Senior management will be less engaged with pensions due to tax changes
More than 40% of senior management staff will be less engaged with their pension schemes as a result of tax changes introduced on 6 April 2011, according to research by pension actuaries Punter Southall.The survey also shows that around 20% of respondents have already had experience of members wishing to ...
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Article
Office of Tax Simplification to review employee share schemes
A review by the Office of Tax Simplification (OTS) will look at employee share schemes.The agreed terms of reference for the review are included in a letter published on 13 July by David Gauke, exchequer secretary for the OTS.The employee share schemes project will initially examine the four tax-advantaged or ...
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Article
Government launches call for evidence on tax and NIC integration
The government has launched a call for evidence as part of its consideration of the integration of the operation of income tax and national insurance contributions (NICs).Chancellor George Osborne had announced the intention to consult on the integration of income tax and NIC in the March budget.The informal consultation will ...
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Article
Government launches consultation on abolishing tax reliefs
The government has launched a consultation on the removal of 36 tax reliefs including the provision of meals for bikes for work, luncheon vouchers, and life assurance premiums and life assurance premiums paid by employers under employer-financed retirement benefits schemes (Efrbs).This follows Chancellor George Osborne’s announcement in the 2011 Budget ...
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Article
Government to consult on employment law reforms
The government has announced new areas that it will consider reforming as part of its review of employment red tape. This includes reforming: compensation for discrimination awarded by employment tribunals; collective redundancy consultation periods; and the transfer undertakings protection of employment regulations (Tupe).Edward Davey, employment relations minister, detailed the plans ...
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Article
Treasury cracks down on tax avoidance relating to overseas pensions
The Treasury is closing a loophole to prevent tax avoidance on qualifying recognised overseas pension schemes (Qrops).The measure, affecting UK residents transferring pensions overseas, will be introduced in the Finance Bill. Previously, tax could have been avoided by moving pension savings to certain overseas countries.David Gauke, exchequer secretary to the ...
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Article
Round-up of tax and legislation changes coming in today
A number of the government’s tax and legislation changes that come into effect from today, 6 April, will have an impact on benefits.Phasing out of the default retirement age (DRA):From 6 April, the removal of the DRA means employers will not be able to issue notifications for compulsory retirement using ...
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Article
Debi O'Donovan, editor of Employee Benefits: Tax and NI merger plan debate will run and run
At first glance, last month’s Budget did not contain any unexpected major announcements.Most points had been heavily trailed or confirmed what we already knew. However, there were a few new nuggets that could have broader ramifications over the coming years and decades, depending on how they play out.The idea of ...