by VelocityAS | Dec 1, 2021 | Accounting, Finance, PAYE, Tax
Christmas is a time of giving, and you may wish to give your employees a small token of your appreciation for their work during the year. To prevent the gift being accompanied by an unwanted tax liability, you can take advantage of the trivial benefits exemption to... 
by VelocityAS | Dec 1, 2021 | Accounting, Finance, PAYE, Tax, VAT
If you are holding a Christmas party for staff this year, you may want to take advantage of the tax exemption for annual parties and functions to prevent your employees from suffering a benefit-in-kind tax charge. Keeping the Christmas party tax-free will also mean... 
by VelocityAS | Dec 1, 2021 | Accounting, HMRC, Universal Credit
Under Real Time Information (RTI), you must report payments made to employees and associated deductions to HMRC on a Full Payment Submission (FPS) at or before the time at which you make the payment to your employee. However, special rules apply which modify this rule... 
by VelocityAS | Jan 2, 2021 | Accounting, Business, HMRC, Tax
The COVID-19 pandemic meant that the traditional Christmas party could not happen in 2020. If, instead, you held a virtual event, you will be pleased to know that this too can benefit from the tax exemption for annual parties and functions. There is also good news if... 
by VelocityAS | Jan 2, 2021 | Business, CJRS, COVID-19, Payroll
Following the announcement of more stringent lockdown measures, the Chancellor, Rishi Sunak, announced yet another extension to the Coronavirus Job Retention Scheme (CJRS). The scheme will now run until the end of April 2021. Under the extended scheme, claims must be...