As many of you are in the middle of completing your self-assessment tax return, you might be pleased to know that if you were fortunate enough to receive high street gift vouchers as part of your Christmas bonus, they could be a tax free bonus.

This is because they are defined by HMRC as non-cash vouchers and from April 2016, they fell into the ‘trivial benefits’ regime (not taxable subject to certain conditions).  These conditions include:

– The cost to the employers must be less than £50

– It isn’t cash or a cash voucher

– It isn’t a reward for their work or performance

– It isn’t in the terms of their contract

– A director of a close company can not receive trivial benefits worth more than £300 in any tax year.

Click on this link below for further information, or contact Rob@treeaccountancy.co.uk for expert tax help in Manchester:

https://www.gov.uk/expenses-and-benefits-trivial-benefits