Whether you are finishing 2016-17 (with the pending declaration of benefits in kind) or starting 2017-18 (getting used to new tables and guidance), this post attempts to put all the current guidance into one document
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).
It’s never too soon to start looking forward to the new tax year. The Student Loans Company (SLC) website has confirmed the Student Loan annual thresholds that we will have to operate from 2018-19 tax year.
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.
We are getting near another payroll and reward deadline – the P11D submissions for tax year 2016-17. As always, information is available from many sources but here is a reminder of some of the guidance and links to it.
reward-strategy.com - an online news and information service for the UK’s payroll, reward, pensions, benefits and HR sectors. reward-strategy.com is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Reward Strategy is committed to diversity in the workplace.