With the tax year just finished, many businesses now need to complete forms P11D to report taxable benefits in kind. This can be a complicated business, and the thought of having to do them can put people off the whole question of benefits in kind.
However, the P11D only picks up taxable benefits, and isn’t always necessary. There’s significant scope for taking tax-free benefits and/or charging expenses to the business in a tax-efficient way, and cutting down on the paperwork.
Careful structuring can give you benefits such as:
- Tax-free electric cars and charging
- Cheaper pension contributions
- Mobile phones and computer equipment
- Allowances for working from home
- Allowances for working away from home
- Tax-free small benefits and perks
- Education and training
- VAT rebates on staff benefits
- Cheaper childcare
- Easier (or no!) reporting to HMRC
We would be happy to discuss how you can structure your reward package, or those of your employees, to help achieve any of these. Please give your usual Fiander Tovell contact a call, or email us at: enquiries@fiandertovell.co.uk