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Tax and trivial benefits

Tax and trivial benefits

There is a trivial benefit-in-kind (BiK) exemption that applies to small, non-cash gifts (such as a bottle of wine or a bouquet of flowers) that are occasionally given to employees. This exemption enables employers to offer modest, tax-efficient rewards while...
Tell HMRC about unpaid tax on cryptoassets

Tell HMRC about unpaid tax on cryptoassets

Where cryptoasset tokens (also known as cryptocurrency) are held personally, this investment is usually undertaken in the hope of making a capital appreciation in its value or to make particular purchases.  HMRC is clear that these holdings will usually be...
P45s, P11Ds and P60s – what are they?

P45s, P11Ds and P60s – what are they?

Most employees will come across forms such as the P45, P11D and P60 during their working life, and knowing what each one is for can make it much easier to keep track of your tax position. A P45 is issued to employees who leave their employment or lose their job....
Pay for imports declared via the CDS

Pay for imports declared via the CDS

If your business imports goods into the UK, it is important to be familiar with the Customs Declaration Service and to ensure that any duty payments are made correctly and on time to avoid delays, interest or penalties. The Customs Declaration Service (CDS) is a...
Tread carefully when using temporary contracts to confer tax breaks

Tread carefully when using temporary contracts to confer tax breaks

A recent ruling has established that temporary worker arrangements do not constitute a single, continuous employment relationship in which workers retain the unfettered right to refuse assignments. This effectively confirms the prerequisite for a mutuality of...