Providing benefits to employees

[vetran]

Various allowances for employees available for use.

Sight test & Glasses

Nursery Vouchers

Coffee, tea, Electricity etc

loads of rules on HMRC website.

[SueEllen]

Does that cover LCD VDUs?

LCD VDU = VDU

Just get your optician to write a note on your prescription that you need them for VDU work.

[NotAllThere]

Does that cover LCD VDUs?

[Hex]

I think you can have some money towards your your optical device needed to comply with Healthy and Safety Regulations.

Ask your accountant.

I believe you can claim for glasses if the optician will confirm that they are required solely for VDU use.

[SueEllen]

You can have the eye test tax free. Your company can pay. The other items would incur a BIK.

I think you can have some money towards your your optical device needed to comply with Healthy and Safety Regulations.

Ask your accountant.

[NotAllThere]

BIK - treated as though you'd received it as salary and paid for the service yourself.

So, gym membership costs £1000 a year. Your company pays that. The company then must deduct the eenic and tax from that £1000 from your salary, and pay the ernic.

[Crossroads]

BIK? I didn't come across that before.

You mean you didn't declare it as a benefit you received...

[NickNick]

BIK? I didn't come across that before.

Benefit in Kind.

[d000hg]

BIK? I didn't come across that before.

[Hex]

Many big companies provide benefits to employees. A previous employer of mine paid for eye tests and would give you £X towards new glasses, and also had discounted rates on gyms etc. Or some companies actually have their own facilities like gyms and provide food for employees.

Is there any reason I can't do this in my company? And is there any benefit to doing it, regarding income tax/VAT? The obvious potential disadvantage would be if I ever hired employees but let's leave that out of the equation.

You can have the eye test tax free. Your company can pay. The other items would incur a BIK.

[NotAllThere]

When a bigco pays for employee benefits, some of those will count as BIK. So tax and NI will be due. This is fine for employees, as they're only paying the tax on it. Totally pointless for company owners, as all you'll be doing is paying more tax than you need - employers NI. Better declare a dividend and pay your gym membership from that.

[d000hg]

Many big companies provide benefits to employees. A previous employer of mine paid for eye tests and would give you £X towards new glasses, and also had discounted rates on gyms etc. Or some companies actually have their own facilities like gyms and provide food for employees.

Is there any reason I can't do this in my company? And is there any benefit to doing it, regarding income tax/VAT? The obvious potential disadvantage would be if I ever hired employees but let's leave that out of the equation.