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Where an employer provides an employee/director with a cheap or interest free loan they have to report notional interest (3.25% for 2014/15) on the loan on the form P11D. Where the balance of the loan is not more than a minimum level throughout the tax year no benefit is reportable.
The exemption applies if the total balance, at any point in the tax year, does not exceed a minimum limit and includes the total of low cost or interest free loans, or notional loans arising from the provision of employment-related securities.
From 6 April 2014 where the total outstanding balances on all such loans do not exceed £10,000 at any time in the tax year, there will not be a tax charge and employers will no longer be required to report the benefit to HMRC. Previously for 2013/14 the limit was £5,000.
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Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis.
The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.