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Stopfords

Trivial Benefits to Employees – Budget Update

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Our previous article advised about the new exemption of upto £50 per gift/benefit provided to employees, with theoretically no overall limit on the number of gifts in a tax year.

In his budget last month, the Chancellor announced that there would be an overall limit of £300 per annum on such gifts/benefits provided by close companies (those with 5 or fewer shareholders) to Directors and other Office Holders and for members of their families who are employees of the company.

This is of course a sensible measure or directors could be buying themselves and their family members unlimited amounts through the company.

The statutory exemption is also not to apply now until 6 April 2016 (rather than 6 April 2015 as previously announced).

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Following the introduction of the Employment Allowance in April 2014, which allows most employers exemption on the first £2000 of employers NI,

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2015 Budget Summary

George Osborne announced the 2015 Budget to Parliament on 18 March. In his speech the Chancellor reported ‘on a Britain that is growing, creating jobs and paying its way’. To find out more about the Budget including personal tax, business tax and rates and allowances take a look at our free Budget summary. Our summary […]

View article about 2015 Budget Summary

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