24/11/2020 by Beki Wallace AATQB MIAB 0 Comments
If you run a Limited Company, are you aware of the ‘Trivial Benefits’ benefit in kind that is not subject to Tax and National Insurance.
You can spend £300 per year in £50 or less amounts - if you go over £50, even by a penny, it becomes a taxable benefit.
This can be spent on anything from a spa treatment to a meal out, some wine to pair of trainers.
However you can’t just take cash out, you do need receipts to back up the purchases.
What a nice little perk to enjoy some treats through the year,
don’t miss out as you can’t carry it forward so needs to be used in the year.
Go on, treat yourself!