Did you know...
Did you know that employers sometimes pay the accountants’ fees for completing personal tax returns of internationally mobile employees? In the past these have been taxable, like any other benefit provided for an employee. HMRC has now agreed that, subject to some conditions, up to £650 of fees will not be taxable as a benefit where returns are completed for an employee for both the home and host countries. Where only a UK return is completed, the limit is £250.
The concession only applies to returns completed as part of a wider bundle of services provided to the employer. Dealing with HMRC enquiries cannot be included as part of the bundle.
Did you know that the Irish rate of VAT has increased from 21% to 21.5% taking effect from 1 December 2008? The major concern for Irish businesses is that the 6.5% differential with the UK could lead to a boom in the number of customers travelling to the North to buy goods.
UK-based businesses may benefit from the rate differential. However, don’t forget that they will need to register for VAT in Ireland if the total value of these sales exceeds €35,000 in a calendar year.