Summary of TaxAngles August 2021 Edition

RTI Penalties and Collection of Tax Debts

Under real-time information (RTI), employers must report pay and deductions to HMRC on time to avoid penalties. HMRC may contact taxpayers with unpaid tax bills post-Covid-19, and taxpayers should proactively engage to avoid enforcement actions.

Pension Annual Allowance

Tax relief is available for pension contributions, but contributions exceeding the annual allowance may incur tax charges. Different rules apply based on income levels and pension access.

Making Mileage Payments to Employees

Employers can pay tax-free mileage allowances to employees for business travel. Different rates apply for using personal cars or company cars, with tax implications for amounts exceeding approved rates.

TaxAngles- Aug 2021 Edition - Flipbook by Fleepit