Play Your Tax Right

By Rebecca Allam

Steve Towler and Matthew Johnson of WNJ Chartered Accountants gave an engaging and informative talk on making the most of your tax benefits at our November Advice Clinic. Tailoring their content to much loved game shows “Play Your Tax Right” and our old favourite “Who Wants to be a Chartered Accountant” they had the room at their mercy.WNJ Advice Clinic 27th Nov 19 1

Covering topics such as:

• Tax efficient benefits
• Employment vs Self-Employment
• Company Cars – Is it worth it?
• What is R&D and do I qualify?

As an SME it is so important to have a real grasp on how to run your business in a smart way so that you get the most out of your resources. Having a pro-active accountant who can explain how to do this so you know what to look out for is worth investing in.

Steve has a wealth of knowledge and is more than happy to discuss these topics in more detail, but for this evening he delivered a clear and concise rundown of the top tax tips to help SME’s work smarter in their business:

• Trivial Benefits –

o An employer can provide trivial benefits up to a value of £50 with no tax on the employer or the employee
o The employer is also entitled to claim a tax deduction
o There is no statutory limit on the number of trivial benefits for employees
o There is however a cap for Directors of £300

• Staff Entertaining –

o A staff party will qualify as tax-free providing the total cost does not exceed £150 per head, per year
o And you can claim back input VAT

• Employee’s Working from Home –

o You may be able to claim tax relief for some of the bills you have to pay because you have to work at home on a regular basis
o You can only claim for things to do with your work, for example, business telephone calls or the extra cost of gas and electricity for your work area
Delegate Pete Moss from Property Assessment & Maintenance Ltd said he found the event “very interesting” and how beneficial he found it “to learn about tax benefits with being a new business owner”.

Other delegates commented:

Jo NaylorJo Naylor Design Consultancy - “Vast expertise illustrated and really useful to understand the key areas which are tax efficient.”
Steve Gibson – Evolve U – “All the information given really supported me in this session today. Excellent guidance which really made sense.”
It was nice to see you... To see you NICE!

If you would like more advice on how to make your business more tax efficient, book an appointment with the team at WNJ Chartered Accountants here

01772 367 367


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