Employee Benefits in Kind
How benefits are taxed : Directgov - Money, tax and benefits
Which social security benefits are taxable and which aren't, how they're taxed and why you should tell your Tax Office about the benefits you get
www.direct.gov.uk
Which social security benefits are taxable and which aren't, how they're taxed and why you should tell your Tax Office about the benefits you get
www.direct.gov.uk
HM Revenue & Customs:Taxable
There is a wide range of benefits in kind received by employees from employers, e.g. ... Taxable benefits not already subject to Class 1 NICs are liable for ...
www.hmrc.gov.uk
There is a wide range of benefits in kind received by employees from employers, e.g. ... Taxable benefits not already subject to Class 1 NICs are liable for ...
www.hmrc.gov.uk
Taxable benefits
Some social security benefits are taxable and some are not. ... Even if a benefit is taxable, it does not mean necessarily that you have to pay tax on it. ...
www.turn2us.org.uk
Some social security benefits are taxable and some are not. ... Even if a benefit is taxable, it does not mean necessarily that you have to pay tax on it. ...
www.turn2us.org.uk
Definition: Benefits in kind are the things provided to an employee on top of their salary that are considered to benefit the employee. If they are part of the employment package and can be translated to a monetary value then they can be taxed.
This tax is added to your income tax and is usually taken by adjusting your tax code that is used to calculate your tax free allowance.
Taxable Benefits in Kind
Taxable benefits include:- Private use of a company car including travel between home and work. The taxable value is calculated according to the car value, fuel type and C02 emissions.
- Private use of a company van not including travel between home and work. There is a set charge of £3,000.
- Car Fuel for private use including travel between home and work.
- Van Fuel for private use not including travel between home and work. There is a set charge of £500.
- Clothing (not including protective clothing or overalls)
- Interest free loans or loans where the interest is less than 4.75% (from 1st March 2009) and the loan amount is more than £5000.
- Health or Life Insurance provided by your employer
Exclusions
If you are paid less tan £8,500 per annum including the value of your taxable benefits and you are not a company director then you do not pay tax on your benefits.
Non Taxable Benefits in Kind
Note that there may be specific exclusions appling to the following non taxable benfits. Please see Government web site for full details.- Employer Contributions to your personal pension scheme
- Free or reduced price food and drink
- Various travel benefits including subsidies for using public transport
- Relocation assistance connected with work up to £8,000
- Equipment to assist disabled persons carry out their job
- Gifts related to your employment but not from your employer up to £250 per annum
- A bike and safety equipment
- Free parking at work
- Assistance with childcare
- Mobile phone if contract is in employers name
- PDA, Computer, Laptop
- Subsistence expenses when away from home on business
- Company Parties (annual)
- Interest Free or reduced interest loans less than £5000
- Gym membership fees
- A private number plate for a company car
- Eye tests and medicals
- Training
- Childcare vouchers up to £55 per week (rules apply)
HM Revenue & Customs: Taxable Benefits in Kind and Expenses ...
Taxable Benefits in Kind and Expenses Payments ... Analysis of company car benefit, employer provided fuel and private medical insurance, by range of earnings ...
www.hmrc.gov.uk
Taxable Benefits in Kind and Expenses Payments ... Analysis of company car benefit, employer provided fuel and private medical insurance, by range of earnings ...
www.hmrc.gov.uk
How benefits are taxed | NIDirect
Which social security benefits are taxable and which aren't, how they're taxed and why you should tell your Tax Office about the benefits you get
www.nidirect.gov.uk
Which social security benefits are taxable and which aren't, how they're taxed and why you should tell your Tax Office about the benefits you get
www.nidirect.gov.uk
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