Trivial Benefits Trivial Benefits - Page 3
Page 3 of 3 FirstFirst 123
Posts 21 to 27 of 27
  1. #21

    Default

    And presumably, the £150 per head social event allowance is available too? A decent £900 of tax free benefits for a pair of company directors.
    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
    Officially CUK certified - Thick as f**k.

  2. #22

    I live on CUK

    Old Greg's Avatar
    Join Date
    Mar 2007
    Location
    The Tombliboo Bush
    Posts
    25,489

    Default

    Get yourself a gift voucher for your usual supermarket, use it do your weekly shop and pocket the cash equivalent.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

  3. #23

    Default

    Quote Originally Posted by Old Greg View Post
    Get yourself a gift voucher for your usual supermarket, use it do your weekly shop and pocket the cash equivalent.
    Exactly. Or a voucher(s) for John Lewis to buy homewares.
    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
    Officially CUK certified - Thick as f**k.

  4. #24

    Default

    Quote Originally Posted by Lance View Post
    What sort of thing can it consist of?
    I presume amazon vouchers count as cash so not valid.
    What about a £300 bar tab in my local?
    Amazon vouchers can be bought for the trivial benefits, so you could buy up to 6 x £50 vouchers.

  5. #25

    Default

    Quote Originally Posted by Fred Bloggs View Post
    And presumably, the £150 per head social event allowance is available too? A decent £900 of tax free benefits for a pair of company directors.
    You could potentially claim more from the social event (annual function). Please see the below:

    HMRC’s rules for annual function(s)

    For your event to qualify for the tax exemption, it must be:



    1. Annually recurring

    The date when the event is held or the type of the event is irrelevant, as long as it’s annually recurring HMRC allow it to be claimable. If you decide to hold a one-off event for either just yourself or others (such as employees, family, etc), you must still account for the expenses, but they will not be treated by HMRC as tax allowable.



    2. Available to employees in one location

    If your Limited Company has employees in various locations, the event must be held in one central location, which is accessible for all. The event must be available for both directors and staff, or director’s guests (such as spouses or civil partners, and children of the directors and employees).



    So in theory, as the director of your own Limited Company you could hold a Christmas party for your immediate family.



    3. A maximum of £150 per person

    For each person who attends the event an additional £150 per person is allowable. The £150 is an absolute maximum which HMRC strictly applies.



    The £150 limit must include VAT, transport costs to and from the event, and the total cost of any overnight accommodation. These costs are then combined and divided between the number of attendees, to arrive at the cost per head.



    Should the total amount per head exceed the £150 limit, the maximum exemption will not apply and the total amount will be taxed. HMRC are very strict about this allowance so if you’re unsure, speak to your Personal Accountant to ensure your calculations are correct.



    What happens if you have more than one event per year?

    Hosting company events isn’t just exclusive to the festive period, you are able to host events throughout the year. You could choose for example, to host a summer event and a Christmas event. So long as the total combined amount does not exceed £150 per head per tax year, the exemption will still apply.



    Should any individual event cost exceed this limit, HMRC will only apply the exemption to expenses for the events that fell within the allowable limit.

  6. #26

    Thumbs up

    Quote Originally Posted by Ricky@IntouchAccounting View Post
    You could potentially claim more from the social event (annual function).
    Indeed, Mrs Bloggs and I have hosted our two children at our annual Christmas shin dig in years gone by.
    Public Service Posting by the BBC - Bloggs Bulls**t Corp.
    Officially CUK certified - Thick as f**k.

  7. #27

    I live on CUK

    Old Greg's Avatar
    Join Date
    Mar 2007
    Location
    The Tombliboo Bush
    Posts
    25,489

    Default

    Quote Originally Posted by Fred Bloggs View Post
    Indeed, Mrs Bloggs and I have hosted our two children at our annual Christmas shin dig in years gone by.
    600 quid. Nice.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •