My heart fills with dread at what I think I already know but here goes, my boss withdrew money from the company bank account and dished it out among late night workers as a thanks. you know, just because.
How do I account for this?
Apart from strangling the man so it doesn't happen again, I am at my wits end with the recklessness of his actions.
All answers would be greatly appreciated.
Many thanks
Em
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Em
MAAT, CIMA student, avoider of Tax as much as possible and going greyer by the day.
Have a look at what HMRC say on the subject of bonuses. (not sure if I have posted link correctly, but cut and paste into toolbar should get you there !)
Any cash you give to employees as a Christmas bonus counts as earnings, so youll need to:
Add the value to your employees other earnings
Deduct and pay Pay As You Earn (PAYE) tax and Class 1 NI through payroll
