What tax-free benefits are available to me?

It’s understandable that people often ask this question and in this episode, Shaz provides a succinct and informative round-up of the tax-free benefits available to businesses.

There are many areas across a business that can qualify for tax-free benefits and it’s knowing what qualifies so that you and your employees can benefit.

If you know what activities are tax-free then you can make sure you are claiming everything you are entitled to and offering as much as possible to your employees.

 

KEY TAKEAWAYS

• If you have employees then there are certain tax benefits you can give them including;
• Car parking spaces, electric cars, milage and bicycles.
• Providing a staff canteen is tax-free and includes the hot drinks.
• Medical assessments, eye tests and check-ups once a year are tax-free.
• If someone has been away from work for more than 28 days and medical treatment is recommended to facilitate return then the first £500 an employer pays is tax-free.
• If you have a long-serving employee of over 20 years you can award a long service award of £50 per year tax-free but it can’t be cash and they can’t have received an award in the past ten years.
• If an employee is relocating the first £8,000 of costs is tax-free.
• You can sell goods to your employee tax-free as long as you sell it for more than you paid for it.
• As a company director, you are an employee of the company and entitled to the tax-free benefits.

 

BEST MOMENTS

‘The tax-free £150 is often known as the staff Christmas party’

‘Welfare counselling is a tax-free benefit for your employees’

‘The cycle to work scheme means you can pay for a bike tax-free as long as the bike is used for qualifying journeys’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook

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  YouTube.