This is another no-brainer for business owners and company directors. If you are not doing so already, please talk to your Accountants about Trivial Benefit and utilise this tax-free benefit of £300 every company tax year, per director or employee. For a family run business, the benefit could be much more!
In order for the trivial benefit to be applicable the following conditions must be met:
➡️ The benefit should NOT exceed £50 at a particular time
➡️ It should not be a cash benefit (gift vouchers are acceptable, as long as they cannot be exchanged for cash)
➡️ Should not be part of a contractual obligation
➡️ Cannot be replaced by services that should be performed as part of regular employment duties
So why not treat your employees and yourself?
For more details, please have a read of our article about Trivial Benefits.
How we can help you
Knowing what benefits to claim and staying within the threshold can be a difficult task. WIS Accountancy has helped many owner-managed business to effectively plan your obligations in an effective and stress-free manner. WIS Accountancy also provides additional services such as business start-up advice, payroll services, bookkeeping, self-assessment and computation of your VAT, Corporation Tax, Final Accounts.
Contact us today for a free consultation.