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Employer contributions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Employer contributions

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • June 6, 2017 at 5:01 am #390752
    teriki13
    Participant
    • Topics: 26
    • Replies: 22
    • ☆

    Are employer contributions to an employee’s occupational pension scheme a deductible trading expense for tax purposes?

    As far as I know, employer class 1 NIC and class 1A NIC are deductible as trading expense for the employer.

    June 7, 2017 at 2:41 am #391113
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Yes they are deductible but on a paid basis not an accruals basis

    June 7, 2017 at 5:02 pm #391399
    teriki13
    Participant
    • Topics: 26
    • Replies: 22
    • ☆

    All of the abover are deductible on an accruals basis? Should we calculate the amount of class 1 and 1A NIC for the portion of the tax year the employee is employed by a specific employer, or should we calculate them as the period of account as the basis?

    Employer contributions to occ. pension schemes are deducted on a paid basis.

    June 8, 2017 at 2:22 am #391661
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Class 1 and Class 1A NIC’s are computed by each employer on a tax year basis.
    Employer contributions to pension schemes are as stated previously deducted on a paid basis in the employers accounting period

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