How to calculate TDS on incentives given to Employees? can I treat it as Salary?
Answers: I think "special" incentives are directly taxed at 20- 30% without doing any tax-savings. Usually companies prefer not to put that in salary, but which making a jump for a better opportunity you can show the total amount you are getting.
If it is any bonus or such, it gets added to your annual gross-income and tax are calculated on it... I think that's how it works?
Does everyone need to make a tax return, or only if they are asked?
Answers: Who needs to complete a tax return?
*self employed people (including members of a partnership)
*company directors
*ministers of religion (any faith)
*people who get rent or income from land and property in the UK (but if you are an employee and this income is less than £2,500 a year a tax return may not be necessary)
*people who have other untaxed income and the tax due on it cannot be collected though a PAYE tax code
*people with taxable foreign income, even if they are not normally resident in the UK (this includes non-resident landlords)
*anyone who receives annually (or can be treated as receiving) income from a trust or settlement, or any income from the estate of a deceased person, and further tax is due on that income
*trustees and personal representatives (including people who manage the tax affairs of deceased persons)
*trustees of certain pension schemes
*names or members of Lloyd's
*employees and pensioners with more complex tax affairs -
Remember, if you have any income that is not taxed at source, like rents or freelance earnings, you may need to complete a tax return.
Employees and pensioners with complex tax affairs
You need to fill in a tax return if you:
*have an annual income of £100,000 or more
*have annual income from savings or investments of £10,000 or more (before tax)
*claim against tax for expenses or professional subscriptions of £2,500 or more
*have untaxed income of £2,500 or more (although some *pensioners may be able to pay the tax on this through their PAYE tax code)
*owe tax at the end of the year that cannot be collected through a change to your PAYE tax code for the following year
*If you are 65 or over, HMRC may ask you to fill in a tax return so that they can work out how much higher personal allowance or married couple's allowance you should get.
Capital gains
You may need to fill in a tax return if you have 'capital gains' (profits from the sale of certain assets) worth more than the annual exempt amount (AEA). For the tax year 2006-2007 this is £8,800 (£9,200 for 2007-2008). You may also need to complete one if you've disposed of (eg sold or given away) chargeable assets worth over four times the AEA.
If you are self-employed (ie: run your own business) you definitely have to. If this is the case though you should have got some sort of accoutancy advice at some point and are probably aware of this.
If you are employed and are a higher rate taxpayer you will have to submit a tax return unless HMRC tell you not to. There are other situations when this is applicable as well.
See
http://www.hmrc.gov.uk/sa/guidelines.htm
Can your employer expect you to pre-pay for hotels and travelling next hindrance expense gift upon your return?
EmploymentAnswers: It isn't actually an unreasonable or unusual request for employer to do that.
A lot of firms expect their employees to income everything up front and then submit expenses forms beside receipts etc at the end of respectively month.
Somewhat inconvenient admittidly but pretty common.
Yes. It's adjectives practice to be reimbursed a month or so after incurring the expenses.
If your employer is delaying your expense report processing beyond the finishing of the next month, you can other refuse to travel until they block up.
More importantly though, this is a symptom of a much larger issue -- your employer's financial solvency! If I were within that situation I'd be polishing my resume and getting ready to organizer for the door at the first opportunity.
Yes, this is not unusual.