Working Through Further Education
Tue, 17 Nov 2009 08:17:00
|
|
Students in the UK are liable to pay income tax and national insurance contributions on their earnings, just like everyone else. However there is a statutory exemption that may remove any possible tax charge where an employer, or a third party, incurs expenditure on work-related training for employees. It does not matter whether the employer directly incurs the expenditure or reimburses the employee's expenditure. The exemption covers sums that would otherwise be taxable as earnings, as benefits, or under the vouchers rules. So if you have or are thinking of employing a part time employee who is in further education we could perhaps look at the package and think about restructuring to take advantage of the available exemption. You don't have to pass all the savings on to the employee!  |
Subscribe to this feed
28 July 2010 04:37
Taxpayers are not required to make payments on account for 2010 if the 2009 income tax and Class 4 National Insurance liability is less than £1,000. So getting your return in on time could reduce the payment due 31 January 2010 and mean there’s nothing to pay by 31
Read More
28 July 2010 04:32
The 2nd payment on account for personal tax is due by 31st July 2010. If you are having problems making payment, contact Nottingham Accountants Marshall Smalley to discuss your position. We maybe able to arrange for you to pay in installments. Give us a call to find out!div
Read More
20 July 2010 05:31
Tax investigations by HMRC are worrying, stressful, even puzzling and will certainly raise a number of questions in your mind. Where can you get help quick so you can focus on taking care of your business?We can provide the answers in a straightforward manner explaining HMRC’s investigation
Read More
20 July 2010 05:30
If you sell more on credit than you buy on credit, we should look at the VAT Cash Accounting Scheme. Normally you pay VAT on your sales according to when you invoice but using this scheme defers the payment of VAT as it is based on when the
Read More