July is here and it looks like summer has finally arrived. Lovely long summer days spent in the garden (along with sniffles and red eyes from hay fever) or on the beach with an ice cream. Check out our tax newsletter with info about how to save tax this summer.
The July tax newsletter looks at:
- A Staff Summer Party can be a tax free benefit. Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied.
- Make school holidays easier with tax free childcare. Did you know there is a government scheme available that can help contribute towards childcare costs. This may mean fewer of your employees will need time off at the same time this summer.
- Using a PAYE settlement agreement to pay some of your employees tax. PAYE settlement agreements (PSAs) are arrangements under which an employer can settle the income tax and National Insurance liabilities on benefits in kind and expenses payments provided to employees and officeholders.
- More complicated pension rules. There is a further complication for those individuals who have started
drawing income from certain money purchase pension schemes.
- New VAT rules for the Construction Industry.Under new rules due to come in on 1 October 2019 builders, subcontractors and other trades associated with the construction industry will have start using a new
method of accounting for VAT.
- Advisory fuel rates for company cards.
- Important tax dates for July/August.
We hope you will find this interesting. If there is anything you would like to discuss further, give us a call on 01332 292022 or drop us an e-mail to email@example.com. We’d love to grab a coffee and chat!
Enjoy the summer sun!