Settle tax on behalf of your employee There are various tax exemptions you can use to provide an employee with a one-off tax-free reward. Such as certain ‘trivial’ benefits or long-service awards. If the value of the reward exceeds the tax-free amount permitted, you can bear the tax and NICs (which the employee would normally
If you are planning to sell any property or your business in the near future, be aware that the annual exemption for capital gains tax will be cut from £12,300 to £6,000 on 6 April 2023. That exemption will reduce again on 6 April 2024 to £3,000, so long-term planning is needed where gains are
Change to ‘tax year’ basis The Government is proposing to change the basis on which trading profits are subject to income tax for unincorporated businesses and members of limited liability partnerships (LLPs) from the “current year basis” to the “tax year basis”. If the proposal goes ahead from 6 April 2024 (and there is much
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