05-06-2023
It is important for employees to feel valued in the workplace. A lot of the time, it is the little things that employers can provide to their staff that have the most substantial impact. One such ‘little thing’ is the concept of trivial benefits in kind. Trivial benefits are best described as small ‘token gifts’
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05-06-2023
In the Spring 2023 Budget, the Government laid out plans to shake up the current free childcare system – but many higher earners will be disappointed to find that the changes keep them excluded from the scheme. The existing childcare rules mean that parents are eligible for up to 30 hours of free childcare if
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05-06-2023
As an employer, you will likely face the delicate situation of employees asking for pay rises. With the cost-of-living crisis and rise in inflation, these requests will have become more frequent as people look to keep up with spiralling living costs. Each month, the Office for National Statistics (ONS) surveys collect the salaries of 12.8
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05-06-2023
The UK Government has long encouraged businesses to invest in Research & Development (R&D) projects, believing it to be at the forefront of economic growth. R&D tax reliefs are, therefore, lucrative and aimed at both Small and Medium Sized Enterprises (SMEs) and larger organisations. However, before organisations plan to claim R&D tax relief or expenditure
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18-05-2023
Have you met our newest Tax Manager, Jamie Muirhead? On 1 April 2023, Wilder Coe was delighted to announce Jamie’s new promotion to Tax Manager. Jamie’s role focuses on advising and delivering technical tax support for clients, including individuals, owner-managed businesses, and large corporate groups, ensuring they meet their tax compliance obligations. Jamie also provides tax
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09-05-2023
Benefits in Kind (BIK) cover several different perks or additional employer payments to their employees. They can include any of the following: Private Healthcare Loans Company cars Gym memberships And much more. It is the employer's responsibility to confirm all above-mentioned taxable benefits are on a P11D form and submitted annually to HM Revenue &
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09-05-2023
Student Loans repayments are changing, and employers must prepare. Currently, graduates and students who have taken out student loans must repay their loan when they earn an annual salary of £27,295 or more, with repayments at a rate of 9% on any income earned above this threshold. The threshold is then adjusted annually for inflation
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09-05-2023
Have you heard of fiscal drag? A growing number of people are affected by changes to personal tax allowances and higher interest rates. A phenomenon known as fiscal drag sees taxpayers pushed into higher tax brackets due to wage increases as they keep pace with inflation. With the UK Government freezing most tax bands until
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09-05-2023
Introduced by the Government in 2017, the Residence Nil Rate Band (RNRB) is an allowance to reduce inheritance benefits for families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to minimise Inheritance Tax (IHT) bills. Will the Residence Nil Rate
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09-05-2023
Residential landlords are the latest group receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). A part of a targeted 'nudge' campaign from HMRC, the letters remind landlords of their obligation to declare their rental income. What is a ‘nudge’ letter? Since 2017, HMRC has used these 'nudge' letters to communicate and prompt responses from
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09-05-2023
Introduced in 2013, the High Income Child Benefit Charge (HICBC) charges tax on individuals claiming child benefits who earn over £50,000 annually. The tax charges equate to the following: 1%of the total Child Benefits received for every £100 earned over £50,000 100% of the total Child Benefit received for individuals earning over £60,000 annually A
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09-05-2023
Determining the ideal salary for company directors can be tricky for business owners. Often, most directors want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array of factors to consider, such as income tax thresholds, National Insurance contributions (NICS), and personal tax allowances.
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