HMRC: Update tax credit account or risk overpayment

Income Tax

HMRC updates tax guidance for waiving income and bonuses and charitable giving

The move comes after research revealed that an increasing number of people were choosing to give up all or part of their income despite not understanding the tax implications. What are the rules? Employers, directors and employees have the right to waive their salary or bonuses, known as a “waiver of remuneration”. In these situations, …

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