Ilyas Patel Accountants in Preston
Ilyas Patel Accountants in Preston
Question for you: ๐๐ฟ๐ฒ ๐๐ผ๐ ๐ฎ๐ป ๐๐บ๐ฎ๐๐ผ๐ป ๐ฆ๐ต๐ผ๐ฝ๐ฝ๐ฒ๐ฟ?
If yes, did you realise that your business can cover your Amazon expenses without incurring taxes, and it’s completely deductible?
Welcome to the world of ๐๐ณ๐ช๐ท๐ช๐ข๐ญ ๐๐ฆ๐ฏ๐ฆ๐ง๐ช๐ต๐ด โ a tax-efficient yet rarely used tactic.
As a director, your company can provide you with Trivial Benefits. These are non-taxable.
Remember, Trivial Benefits cannot be cash and must not exceed ยฃ50 each.
Popular options include Amazon vouchers, modest presents, dining coupons, and more.
As a director, you’re entitled to receive up to ยฃ50 from your company, up to six times annually.
Thatโs a total of ยฃ300 every year.
For a pair running the business, this amounts to ยฃ600 yearly.
For a higher rate taxpayer, to have ยฃ600 in hand, you’d usually need to withdraw ยฃ905 in dividends from your company. This equates to a personal tax saving of ยฃ305.
Plus, your company gets to save on corporation tax (up to 25%), potentially adding up to an extra ยฃ150.
Itโs hard to believe some directors ๐ฎ๐ฟ๐ฒ๐ปโ๐ making use of this!
And guess what? You can also offer ยฃ50 Trivial Benefits to your employees tax-free.
Just a note, these aren’t for exceptional performance โ they’re simply a tax-free token of appreciation.
For any help setting this up, feel free to get in touch with me today โ Click the contact links below!
Contact us today at 01772 788200 to find out more about how we can help, or WhatsApp us out-of-hours at 07787 010190.
Kind regards,
Ilyas Patel