Every year, legislation requires a review of the Earnings Trigger and Qualifying Earnings Band (QEB) thresholds that will apply in the following tax year.
Voluntary Living Wage employers should be aware of the announcement on 6 November that sees the rates increase. Note that paying staff at this Living Wage is voluntary but paying them at the National Living Wage is mandatory.
Where transfers of funds are made from a UK-registered pension scheme to an overseas one, that overseas scheme must be ‘recognised’ by HMRC to maintain UK tax benefits. HMRC publishes an updated list of overseas pension schemes that have told them they meet the necessary criteria to be a Recognised Overseas Pension Scheme (ROPS).
Billed as ‘your route to the latest in payroll news’, this should always be on everyone’s weekend reading list. However, I do have some concerns/comments regarding some of the topics in the latest Employer Bulletin from HMRC.
Part 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA) allows for certain deductions to be made from taxable pay – i.e. to reach a figure called net taxable pay which is the pay on which income tax is calculated. This part includes things such as expenses for business travel.
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