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From April 2011 vouchers can only be purchased by employees based on Basic Rate Tax Relief of 20%.
Employees in schemes prior to April 2011 are unaffected but new entrants or new schemes can only sacrifice salary to save the equivalent of 20% tax which differs depending on the tax band the employees’ income and benefits fall into. Thus employees paying basic rate tax can purchase vouchers to the value of £243 per month but higher rate tax payers can only purchase vouchers up to £124 per month and additional tax payers are only allowed £97 per month in vouchers.
Earnings assessments will be required at the start of the new tax year to take into account Benefits in Kind as well as earnings on which voucher purchases are based. The assessments are then valid for 12 months but any errors are to be reported on P11Ds. These records will be needed for compliance purposes.
This is just a small selection of what is available in our client area
From April 2011 vouchers can only be purchased by employees based on Basic Rate Tax Relief of 20%. CATEGORY: PAYROLL UPDATEPOSTED: 11 Aug 2011
HMRC are set to change the way PAYE is reported to the Revenue, replacing the Employers Annual Return with the submission of ‘Real Time’ information every time payment is made to employees. CATEGORY: PAYROLL UPDATEPOSTED: 28 Jun 2011
This free seminar is hosted by a number of experts and will cover areas such as: CATEGORY: PAYROLL UPDATEPOSTED: 10 Mar 2011
The recent Care Show in Birmingham on November 10-11th featured one of its oldest exhibitors this year. CATEGORY: PAYROLL UPDATEPOSTED: 14 Dec 2010
From 2012 employers will have to auto-enrol employees into a pension scheme. CATEGORY: PAYROLL UPDATEPOSTED: 05 Nov 2010
This free seminar is hosted by a number of DTE Group senior staff and will cover areas such as: CATEGORY: PAYROLL UPDATEPOSTED: 03 Nov 2010
As from April 2010 any employer or contractor not paying their PAYE liability on time and in full may have to pay a penalty. CATEGORY: PAYROLL UPDATEPOSTED: 21 Jul 2010
From 1 April 2010 many VAT-registered businesses will have to switch from paper to online VAT Returns. From that date, if your turnover is on or over £100,000 - or if you are newly VAT-registered - you will have to submit your return online and pay VAT electronically. CATEGORY: PAYROLL UPDATEPOSTED: 12 Feb 2010