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Income tax and national insurance contributions

Frequently asked questions from Markel Tax on income tax and national insurance contributions.

Note these FAQs were correct at the time of going to press and should be considered as principles based guidance. To check current validity, call the Markel Tax helpline.

Salary sacrifice - cycle to work scheme

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January 2023

FAQ questioning whether a salary sacrifice arrangement needs to be set up for a director who is provided with a company bicycle under a cycle to work scheme.

Trust registration of gifted property

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August 2022

FAQ on whether there is a requirement to register a bare trust with HMRC, on a property gifted to children, but currently held in trust by their parents.

New NIC threshold - July 2022

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July 2022

FAQ on whether that it is correct that payroll software is applying the new NIC threshold to a June 2022 salary payment, event though the new thresholds are not meant to apply until 6 July 2022.

Tax implications for written off loan

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April 2022

FAQ on the tax implications of a loan made to a shareholder, which was subsequently written off.

Country of tax residence

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February 2022

FAQ on establishing which country a client, who is resident in two countries, can claim tax residence.

Tax year for SEISS payments

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September 2021

FAQ about whether a client’s Self Employed Income Support Scheme (SEISS) payments received in June and August 2020, will be taxable in the 2021/22 tax year as they were received after his year end.

Personal tax - dealing with an estate

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August 2021

FAQ about dealing with the estate of a deceased client, and the procedure for informing HMRC of the client's assets.

Benefits to participators

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July 2021

FAQ about the tax implications for a client who receives a company car from a company, of which he is a shareholder, rather than a director or employee.

Benefits in kind

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June 2021

FAQ about the reporting of ‘trivial benefits’, such as staff gifts and virtual team lunches, to HMRC.

Self Employed Income Support Scheme (SEISS)

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May 2021

FAQ on whether HMRC are likely to penalise claimants who received a grant under the Self Employed Income Support Scheme (SEISS), during the Coronavirus pandemic, if they are later found to have overclaimed.

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