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Trivial Benefits - payable per company/directorship?

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    #31
    Originally posted by zonkkk View Post
    Is it not better, tax wise, to just buy whatever you want up to £50 and then record it as a trivial benefit?
    You get the VAT back then, which you can't with gift cards/vouchers.

    I know my company's director is an avid gamer, so he'll probably get a new XBOX controller for Easter as a trivial benefit!
    There is probably quite a strong argument that the VAT isn't reclaimable on the trivial benefit due to 'non business' usage.

    Martin
    Contratax Ltd

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      #32
      Originally posted by TheCyclingProgrammer View Post
      The rules don't stipulate what you can buy, only the exceptions that you can't give (e.g. cash, or cash vouchers).
      You say cash vouchers but there has been much discussion about 6 x £50 and so on. I was under the impression people were buying £50 quid amazon vouchers or something similar. Aren't these classed as cash vouchers?
      'CUK forum personality of 2011 - Winner - Yes really!!!!

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        #33
        Originally posted by northernladuk View Post
        You say cash vouchers but there has been much discussion about 6 x £50 and so on. I was under the impression people were buying £50 quid amazon vouchers or something similar. Aren't these classed as cash vouchers?
        Have you asked your accountant?

        They'd have said Amazon vouchers aren't 'cash vouchers' as they can't be redeemed for cash only for goods/services so are fine for this purpose.

        Martin
        Contratax Ltd

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          #34
          Originally posted by northernladuk View Post
          You say cash vouchers but there has been much discussion about 6 x £50 and so on. I was under the impression people were buying £50 quid amazon vouchers or something similar. Aren't these classed as cash vouchers?
          Gift cards are fine. Cash vouchers are those paper thingys people use to stick in birthday cards etc. #oldskool

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            #35
            Originally posted by Craig@Clarity View Post
            Gift cards are fine. Cash vouchers are those paper thingys people use to stick in birthday cards etc. #oldskool
            Oh. It was a lump of coal up here but I did see one of the posh kids getting those once.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

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              #36
              Originally posted by northernladuk View Post
              You say cash vouchers but there has been much discussion about 6 x £50 and so on. I was under the impression people were buying £50 quid amazon vouchers or something similar. Aren't these classed as cash vouchers?
              I used to think they were but as per the previous thread on this that you linked to earlier...no they aren't.

              Employer D provides each of its employees with a bottle of wine costing £25 at Christmas. However, as an alternative, it provides employees who do not drink alcohol with a £25 gift voucher for a national supermarket chain which they can exchange for an alternative non-alcoholic Christmas gift. Both the bottle of wine and the non-cash gift voucher can be covered by the exemption.
              A cash voucher can be exchanged for cash, a gift card cannot.

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                #37
                Originally posted by northernladuk View Post
                Oh. It was a lump of coal up here but I did see one of the posh kids getting those once.
                No such luck for me back in the day. I use to get coins sellotaped to the inside of my cards!

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                  #38
                  For those that "give themselves" say £50 in Amazon vouchers 6 times a year, what do you log it in FreeAgent as?
                  Contracting is like plumbing. You're your own boss until you walk into someone's house and they tell you to take your shoes off.

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                    #39
                    Originally posted by InsertWittyNameHere555 View Post
                    For those that "give themselves" say £50 in Amazon vouchers 6 times a year, what do you log it in FreeAgent as?
                    I created a new category called “trivial benefits”. It’s not really that important, the accountant records it under employee welfare in my accounts.

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                      #40
                      Originally posted by TheCyclingProgrammer View Post
                      Only took advantage of it for the first time last year and bought myself a £50 case of wine for Christmas and my wife (also a director) some chocolates.

                      I'd take advantage of it more if I could be bothered.
                      You old charmer. I hope you print the Co. and VAT nos. on the card.

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