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Tax Implications of Salary Sacrifice Arrangements For Employee Parking Expenses

The exemption for parking provision and expenses under section 237 ITEPA 2003 exempts the provision, reimbursement, and payment of parking at or near the employee’s workplace.If an employer were to provide, reimburse or pay for parking facilities and then recover this from the employee’s gross earnings under a salary sacrifice arrangement, the exemption no longer applies, and the provision becomes taxable.

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business Tax efficiently

Tax benefits on Investments

Government support includes the enterprise investment scheme (EIS) and its sibling, the seed enterprise investment scheme (SEIS) – venture capital schemes designed to encourage, by means of attractive tax reliefs, shareholding investment in growing companies. According to the EIS Association, nearly £30 billion has been invested in more than 53,000 companies since the schemes were created in 1994 and 2012 respectively.

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Annual Tax on Enveloped Dwellings

Annual Tax on Enveloped Dwellings

Your property is a dwelling if all or part of it is used, or could be used, as a residence, for example a house or flat. It includes any gardens, grounds, and buildings within them. Some properties are not classed as dwellings. These include hotels, guest houses, boarding school accommodation, hospitals, student halls of residence, military accommodation, care homes and prisons.

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Company Closure

Company Closure

The closure of a company can be costly, and there will be various practical financial matters to attend to: for example, if there are staff they may be entitled to redundancy pay; there will possibly be VAT deregistration; the submission of final accounts and tax returns to HMRC (Companies House does not require final accounts); making final creditor payments (possibly including to HMRC); ensuring all debtors have paid; possibly selling company assets; and finally closing the bank account.

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Residence domicile and the remittance basis

Residence, Domicile, and the Remittance Basis

When you’re UK resident you’re normally taxed on the arising basis of taxation. This means that all your worldwide income and gains will be taxable in the UK. Therefore, even if your foreign income and gains have already been taxed in another country, they will still be taxable in the UK, and you must declare all of your foreign income and gains on your tax return.

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Apprenticeship Levy

Apprenticeship Levy

The Apprenticeship Levy was first announced in the Summer Budget 2015 and it was later confirmed in the Autumn Statement 2015 that the levy would be introduced from 6 April 2017. Primary legislation was subsequently included in the Finance Act 2016, Pt. 6 (s. 98 – s. 121) and secondary legislation (Income Tax (PAYE) Regulations 2003, Pt. 7A) was inserted with effect from 6 April 2017.

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Bounce Back Loan

Bounce Back Loans – When Could Directors be Made Liable?

Since they were introduced in May of last year (2020), more than one million Bounce Back Loans have been approved, with more than £30bn of funding landing in the accounts of the UK’s small businesses. However, for some businesses, even these attractive loans will not be enough to save them. That’s why it’s so important that you understand the potential implications if you default on the loan and your business enters liquidation.

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the new member

THE NEWEST MEMBER TO THE FCSA : Oasis Umbrella

Oasis Umbrella is pleased to announce that we are the newest member of the FCSA. Oasis Group proudly accredited by the FCSA which means it has become the latest Accredited Member of the Freelancer and Contractor Services Association (FCSA), demonstrating that it fully complies with the membership body’s strict codes of compliance and have achieved accreditation for our bespoke umbrella services.

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