{"id":4359,"date":"2021-06-17T04:00:00","date_gmt":"2021-06-17T04:00:00","guid":{"rendered":"http:\/\/im-21997"},"modified":"2023-01-11T11:12:01","modified_gmt":"2023-01-11T11:12:01","slug":"are-you-taking-advantage-of-trivial-benefits","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/are-you-taking-advantage-of-trivial-benefits\/","title":{"rendered":"Are you taking advantage of trivial benefits?"},"content":{"rendered":"<p>The trivial benefits in kind (BiK) exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees.&nbsp;By taking advantage of the exemption employers can simplify the treatment of BiKs whilst at the same time offering a tax efficient way to give small gifts to employees.<\/p>\n<p>Although the benefit is defined as \u2018trivial\u2019, employers should remember that this offers a great opportunity to give small rewards and incentives to employees. The main caveat being that the&nbsp;gifts are not provided as a reward for services performed or as part of the employees\u2019 duties. However, gifts to employees on milestone events such as the birth of a child or a marriage or other gestures of goodwill would usually qualify.<\/p>\n<p>The employer also benefits as the trivial benefits do not have to be included on PAYE settlement agreements or disclosed on P11D forms. There is also a matching exemption from Class 1A National Insurance contributions.<\/p>\n<p>The tax exemption applies to trivial BiKs where the BiK:<\/p>\n<ul>\n<li>is not cash or a cash-voucher; and<\/li>\n<li>costs \u00a350 or less; and<\/li>\n<li>is not provided as part of a salary sacrifice or other contractual arrangement; and<\/li>\n<li>is not provided in recognition of services performed by the employee as part of their employment, or in anticipation of such services.<\/li>\n<\/ul>\n<p>The rules also allow directors or other officeholders of close companies and their families to benefit, but overall payments made in a tax year cannot exceed&nbsp;\u00a3300. The \u00a350 limit remains for each gift but could allow for up to \u00a3300 of non-cash benefits to be withdrawn per person per year.&nbsp; The \u00a3300 cap does not&nbsp;apply to employees. If the \u00a350 limit is exceeded for any gift, the value of the benefit will be taxable.<\/p>\n<div style=\"font-size:smaller\" class=\"im_source\">Source: HM Revenue &amp; Customs   Wed, 16 Jun 2021 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The trivial benefits in kind (BiK) exemption<\/p>\n","protected":false},"author":1,"featured_media":4360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[148,1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are you taking advantage of trivial benefits? - One Accounting<\/title>\n<meta name=\"description\" content=\"By taking advantage of the trivial benefits in kind exemption, employers can offer a tax efficient way to give small gifts to employees. 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