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Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.2. PAYE/NI obligations - 6.2.6. What are benefits in kind?
6.2.6. What are benefits in kind?Benefits in kind are pretty much anything that you provide to your employees other than pay which have some sort of a value to them.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.3. Benefits in kind - 6.3.1. What are benefits in kind?
6.3.1. What are benefits in kind?Benefits in kind are described in the tax legislation as a benefit or facility of any kind. This means that, apart from pay, anything that an employer provides to its employees that has some use or worth to them, even just for doing their jobs, is a benefit in kind.Some benefits in kind are tax free.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.4. Salary sacrifices and flexible benefits packages - 6.4.1. What’s a salary sacrifice?
6.4.1. What’s a salary sacrifice?A salary sacrifice is where an employee agrees to take a reduction in salary in exchange for a non-cash benefit. HMRC says that this must be a genuine pre- arrangement that can’t be varied at will in order to be effective. Additionally, new restrictions from April 2017 mean that they can only be used for a limited number of benefits (see below).It’s usual to allow salary sacrifices to be varied on the occurrence of a life-changing event; essentially any change in the...Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.5. Tax-free benefits - 6.5.1. When are benefits tax free?
6.5.1. When are benefits tax free?The tax legislation sets out a number of exempt benefits, that won’t be taxable or liable to NI (employers’ or employees’) if certain criteria are met.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.6. Pensions - 6.6.1. Are pension contributions a taxable benefit in kind?
6.6.1. Are pension contributions a taxable benefit in kind?If the pension contributions are to a registered pension scheme there won’t be a benefit in kind. Pensions are a tax-free benefit in these circumstances.Click here
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