You can pay employees up to a maximum of £5K tax free if they make suggestions for improving revenue or profitability

Employers can make a tax free payment (under section 321 of ITEPA 2003) of up to £5,000 to encourage staff to make suggestions to improve the trade or profitability - the suggestions must have been implemented by the business and resulted in improved profitability.

Many businesses are not aware of this exemption and it is very much underutilised.

Details of this exemption and the conditions which must be met can be found on HMRC’s website here.

HMRC going after Class 2 NIC on those who simply own buy to let properties

HMRC going after Class 2 NIC on those who simply own buy to let properties

22 August 2014 13:23
It appears from cases being cited in the tax professional press that HMRC is currently seeking Class 2 NICs from those who simply let out one or more properties.

HMRC are arguing that the rental business is a real business, making the owners of the properties self employed and thus liable to compulsory Class 2 NICs (currently £2.75 a week).

Important changes to VAT Treatment of Supplies of Broadcasting, Telecommunications and Electronically Supplied services

On 1 January 2015, there is an important change to the VAT place of supply of services rules. This relates to supplies of broadcasting, telecommunications and e-services (BTE).

Currently, the place of taxation for BTE supplies is determined by the location of the supplier of the services. From 1 January 2015, the place of taxation will be determined by the location of the consumer.

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