New Forest

13/09/2017

Trivial Benefits

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 benefit 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.

For further information on Trivial Benefits, please contact Alan Rolfe on 023 8046 1200.

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Following pressure from a number of professional organisations, the government have conceded to relax the 3 year time limit to sell your property and claim a refund of the 3% SDLT surcharge where the delay in sale was caused by the coronavirus pandemic.
https://www.hwb-accountants.com/news-guides/news/good-news-for-those-out-of-time-to-claim-a-stamp-duty-land-tax-refund/

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https://www.hwb-accountants.com/wp-content/uploads/Summer-Statement-2020.pdf

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