Associate Handbook 2018

5.9

Professional Subscriptions

As the Company intends to develop and maintain the highest standards of expertise and professionalism, we will refund subscription payments for membership of up to two recognised professional bodies, subject to prior agreement by Associate’s Managers. These bodies must be directly related to the Associate’s job. Subscriptions may be claimed annually through the normal expense procedure, including either a copy of the appropriate invoice or receipt. However CII subscriptions will be paid for via the Associate Development Division subject to prior agreement by the Associate’s Manager.

Ancillary costs associated with membership of professional bodies will not be reimbursed.

5.10

Tax and Liability on Benefits

Associates should be aware that certain benefits provided by the Company may be regarded by the Inland Revenue as remuneration, and are therefore liable to pay tax on their value. The contributions the Company makes to the pension scheme on Associates behalf are an exception to this rule, as is covered under the Company’s Life Assurance and Permanent Health Insurance policies.

Tax due on the value of private medical insurance is taken directly from the payroll and so does not require a P11D or need reporting on any Self-Assessment tax returns.

You will receive a P11D if you receive any taxable benefits (with the exception of private medical insurance) during the tax year. The information provided to the Inland Revenue on their form P11D will be used to compute the amount of tax that an Associate should pay. P11D’s are usually issued by the beginning of July. Please note that due to the private medical benefit being taxed via the payroll, the majority of associates will not receive a P11D.

5.11

Self-Assessment

Under the Self-Assessment legislation, which took effect in April 1996, all Associates are strongly advised to keep the following records for at least three years:

P60



Payslips



P11D



Failure to produce this information at the request of the Inland Revenue can result in late payment fines. If your total income exceeds £100k, you will be required to register and complete an annual Self-Assessment.