Weybridge-based accountancy firm, TWP Accounting, is encouraging its employees to get fit and help the environment through the Government’s ‘Cycle to Work’ initiative. The scheme sees the company get tax savings on buying brand new bikes. Employees make regular payments through salary sacrifice until the cost of the bike is repaid, and because the money […]
Junior squash players from across the UK descended on St George’s Hill Lawn Tennis Club in Weybridge for the Surrey Junior Open, sponsored by TWP Accounting. Over 140 players from all over the country competed in the prestigious event, with Georgie Ingham, 15, among those flying the flag for the host club, winning the Girls […]
Gordon Brown has revised his proposal to withdraw the income tax and NI exemption on employer-provided childcare vouchers. Currently employees are exempt from tax and NIC on childcare vouchers provided by employers. The exemption is available on the first £55 a week of vouchers per employee, as long as a range of conditions are met. […]
In the Pre-Budget Report last month, changes were announced to the complex rules for the Special Annual Allowance (SAA) charge which affects those with substantial income who make significant pension contributions. The current rate of the SAA charge is 20% on excess pension contributions. The aim of the charge is to discourage individuals from making […]
HMRC is giving taxpayers with offshore investments more time to come forward under the New Disclosure Opportunity (NDO). The registration deadline, which was due to expire on 30 November 2009 has been moved to 4 January 2010 as some banks need more time to contact their offshore customers. HMRC are reminding individuals that the NDO […]
Taxpayers are being reminded that the deadline for claiming back tax overpayments from the 2003/04 financial year is fast approaching. HM Revenue and Customs (HMRC) is reducing the time limit for claiming back overpaid tax to four years, down from the previous limit of five years from the 31 January following the end of the […]
One of the significant announcements in the Pre-Budget Report last month was a further increase in national insurance contributions (NIC) which is to take effect from 6 April 2011. The NIC rates and limits are broadly frozen for 2010/11 at the 2009/10 figures, with a couple of minor exceptions. An increase in the rates of […]
HMRC have issued some important guidance regarding the changes in the place of supply of services rules which take effect from 1 January 2010. This guidance is part of a package of measures being introduced to simplify and modernise the VAT system for cross-border trading and to counter fraud across the EU. The measures include: […]
To reflect the increase in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 December, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible. The advisory fuel rates may be […]
In a move designed to tackle certain remuneration practices that are considered to have contributed to ‘excessive risk taking’ in the banking industry, a temporary bank payroll tax of 50% is to apply to certain bonuses regardless of how they are paid. The tax will apply to the amount of the bonus which exceeds £25,000 […]
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