Are you making the most of tax free benefits?

Have you considered giving your employees or yourself benefits in kind that are tax free, here are some to choose from:

1. Pensions – Up to £40k can be paid in to your pension scheme by your employer (2015/16)  and you can use carry forward to pay in even more
2. Childcare – Up to £55 per week but check the rules to makesure your childcare complies (HMRC Leaflet IR115)
3. Mobile Phone – One per employee
4. Lunch – Tax Free Lunch Blog
5. Cycle Schemes – Cycle to Work Blog
6. Fitness – Fitness Blog
7. Parties and Gifts – Christmas Blog
8. Parking – Parking Blog
9. Business Mileage Allowance – 45p for the first 10,000 miles then 25p
10. Long Service Award – A bit restrictive as you need 20 years service, the tax free amount is £50 x the number of years
11. Eye Tests and Spectacles – The Eye Test must be needed under the Health & Safety at Work Act
12. Suggestion Schemes – Suggestion Scheme Blog
13. Insurance such and Death in Service and Income Protection – Medical Insurance Blog
14. Travel Expenses – Travel Blog
15. Working From Home – Working from Home Blog
16. Clothing – Tax Allowances
17. Trivial Benefits – Trivial Blog
18. Training – Training and Salary Sacrifice CPD
19. Relocation Costs
20. IPad or Laptop – IPad used for Business
21. Rent a Room to another employee – Rent a room blog

steve@bicknells.net