P11Ds: problems and pointers

Article Abstract:

All employers are required by law to fill up Form P11D for directors and employees whose fringe benefits exceed 8,500 pounds sterling in value. Problems that are frequently encountered in the completion of Form P11D fall into three general categories: those related to identification, those linked to the application of the fiscal year basis and those related to time limits imposed by the Internal Revenue. Common identification-related problems are those that arise from less obvious employee benefits such as overdrawn accounts of directors, the meeting of employees' pecuniary liabilities and the reimbursement of expenses incurred by employees in the course of their duties. Meanwhile, problems related to fiscal year basis usually include those arising from the practice of making entries based on the business accounting year, whereas problems associated with time limits usually revolve around the penalties for late filings.

Tax Law, Public Finance Activities, Employee benefits, Tax returns

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An analysis of the finance bill

Article Abstract:

Amendments to Great Britain's Finance Bill in the areas of charities, employee taxation, business expansion schemes, and inheritance tax are discussed. Under the proposed changes: charities will have to spend at least 90 percent of their cash receipts to qualify for income tax exemption; the number and type of employee share plans will be restricted; business expansion schemes must meet 'ordinary trade' requirements, meaning that a company must prove that activities it lists as 'trade' are not simply investments; and property that is gifted in a will may still form part of the deceased's estate for tax purposes. The new provisions and their practical applications are explained in detail.

Tax administration and procedure, Tax administration, Transfer taxes

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Pay as you please

Article Abstract:

Great Britain's pay-as-you-earn remuneration tax for director-controlled companies has sometimes been called the 'pay as you please' tax because enforcement was lax and penalties tended to be light. The Inland Revenue is now monitoring compliance more actively, and has closed some of the loopholes in the law. Penalties for non-compliance have become more severe and are being imposed with greater regularity.

Methods, Tax accounting, Accounting

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