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Tag: Class 1A National Insurance

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Taxation of company cars in 2024/25

A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit arises if the employer meets the cost of fuel for private travel. Car benefit charge The amount that is charged to tax depends predominantly on the list price of the

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Reclaiming section 455 tax paid

In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial loan. However, there can be tax consequences for both the director and the company. If the loan balance exceeds £10,000 at any point in the tax year, a tax charge

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PAYE settlement agreements – What are they and how do you set one up?

The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits and expenses instead, although completion of a P11D(b) for declaring National Insurance is required. However, not all employers want their employees to pay tax on those benefits and this is

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