Reply to: Trivial Benefits - payable per company/directorship?

[PerfectStorm]

"thank you for all your work this year as my secretary. Kind regards!"

And they say love is dead

[northernladuk]

I just learned about this so I'll be gifting each director 3 gift cards this week.

Tough times ahead so we need to use the tools available to us. I don't have any moral qualms about it.

Did you not read the advice from not one but two accountants just above this?

[concord]

I just learned about this so I'll be gifting each director 3 gift cards this week.

Tough times ahead so we need to use the tools available to us. I don't have any moral qualms about it.

[Craig@Clarity]

Three posts up from yours up gives you Maslins take on that.

I agree. I just wanted to highlight that it's per tax year. I usually don't advise anyone to stick it all in one month though.

[northernladuk]

Ahhh, so it goes on personal tax year not company tax year? Wonder if I can throw in the full £300 before the 6th

Three posts up from yours up gives you Maslins take on that.

[SimonMac]

You've got 12 days left before it resets.....chop chop!

Ahhh, so it goes on personal tax year not company tax year? Wonder if I can throw in the full £300 before the 6th

[concord]

Can the company reclaim VAT on trivial benefits?

I presume any gift card that says in the T&Cs "cannot be exchanged for cash" is valid? Sometimes a shop will give cash if the value left is less than a certain amount so you would need to stay away from those.

This should be good for an Easter gift.

Thanks.

[Craig@Clarity]

I guess I now bother

Does anyone know if there are any rules on how often the trivial benefit can be given? I assume 6 x £50 amazon vouchers in one go would be suspicious?

You've got 12 days left before it resets.....chop chop!

[northernladuk]

I guess I now bother

Does anyone know if there are any rules on how often the trivial benefit can be given? I assume 6 x £50 amazon vouchers in one go would be suspicious?

It would and pretty daft to do it that way IMO. Just no need to be drawing attention for what even has 'trivial' in the title.

Maslins has commented on this in the past. It's in response to a comment about buying them on birthdays, xmas etc

https://www.contractoruk.com/forums/...ml#post2538274

I personally would feel more comfortable with this. Seems a bit more like what a "real company" would do with an "actual employee".

Taking 6 x £50 vouchers, possibly even 6 days on the trot...well, it's small enough it'd never get challenged, and superficially it is to the letter of the law...but it doesn't sit right with me.

And P.S. I'm bothering this year as well.

[SimonMac]

Does anyone actually bother with the trivial benefits? How much differences for £300 a year mean to an average contractor.

I guess I now bother

Does anyone know if there are any rules on how often the trivial benefit can be given? I assume 6 x £50 amazon vouchers in one go would be suspicious?

[FK1]

I created a new category called “trivial benefits”. It’s not really that important, the accountant records it under employee welfare in my accounts.

+1
As a dedicated spending category in FA it helps to control it per year per director.

[Old Greg]

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.

[TheCyclingProgrammer]

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.

[InsertWittyNameHere555]

For those that "give themselves" say £50 in Amazon vouchers 6 times a year, what do you log it in FreeAgent as?

[Craig@Clarity]

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!