Tax for Companies / February 6th 2017

What are Trivial Benefits in Tax?

Many people see the appeal of having their own limited company, whether this is because of their status or perceived image to their friends. Or even maybe because it is the most logical thing to do from a tax planning perspective. This is largely due to the corporate rates of tax being significantly lower than compared to operating as a sole trader. There is also a misconception that as it is your own company, you can start to put your own expenses through without any negative tax consequence (which is most certainly not the case). However, recent changes to what are known as trivial benefits have meant that there are certain ways of extracting value out of the company without incurring unnecessary tax charges. (more…)

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