My Property Empire (continued)

This week we'll have a look at a subject that has gone through some fundamental changes;

Benefits in kind.

This used to be a good way of extracting value from the company, because no National Insurance contributions were due on benefits that were not in the form of cash, but the company could still deduct the cost from its profits. Now the rules are much tighter and generally the company will have to pay NIC on the value of any BIK it provides, so no there is no real point serious 'BIK' planning. However, there are still some benefits that are tax free and worth considering.

a/ Childcare up to £55.00 per week subject to various conditions

b/ Car parking at the workplace

c/ Mobile phones, but now only per employee

d/ Staff parties up to £150.00 per head per annum.

If you'd like to read the remaining parts of this article, please email helpdesk@taxrefundmoney and we'll send you the rest by email, fax or post.