Remember that from 6 April 2016, benefits are exempt from tax and NICs if all the following conditions are satisfied:
- the cost of providing the benefit does not exceed £50;
- the benefit is not cash or a cash voucher;
- the employee is not entitled to the benefit as part of their employment conditions; and
- the employer does not provide the benefits in recognition of particular services provided by the employee
Where the employer is a close company and the benefit is provided to an individual who is a director or other office holder of the company (or to a member of their family or household) the exemption is capped at a total cost of £300 in the tax year.
Robinsons London Accountants – accounting done differently
At Robinsons we work hard to understand, communicate, interact, engage and, above all, to connect with each and every one of our clients – from entrepreneurs to established businesses, from every area of London and from every sector you can imagine.
MEET THE TEAM to find out more about Joseph, Richard and Matthew.
For us, it’s all about building long-term relationships and really getting to know what makes you tick and what your goals are. We do all this using the latest accounting software. We also have great packages to help start-ups. Remember, we care about your business, not just your accounts.