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Tax-free benefits

Looking for a proactive firm of accountants to help your business become more profitable and pay less tax? At FinSol Tax Advisors we offer affordable and experienced Accountants in Wembley.

Some benefits in kind are tax-free and should not be entered on your tax return if you get one. These include:

Contributions paid by your employer into an approved occupational or personal pension scheme for you as an employee. Nearly all schemes are included

• cheap or free canteen meals, if these are provided for all employees, even if separate facilities are provided for different groups of employees
• In-house sports facilities
• Counseling services to redundant employees
• Certain childcare arrangements
• works buses, or subsidies to public bus services, to get employees to and from work
• Bicycles and cycling safety equipment provided for employees to get to and from work and workplace parking for bicycles and motorcycles
• reasonable removal expenses if you have to move to take up a new job or are transferred by your employer, up to a maximum of £8,000 for each move

A benefit in kind is considered ‘trivial’ and is not taxed if it’s all the following:

• Less than £50 in value
• Not cash or a cash voucher (eg a gift card that can be used as cash)
• Not a reward or bonus for doing well in your job
• Not part of your employment contract
• Not a ‘salary sacrifice’

We offer a wide range of accounting and tax services for companies and individuals. So contact us to know more information regarding any of our services!

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