Trivial Benefit Exemption
From 6 April 2016 Trivial Benefit Exemption rules came into effect for PAYE taxpayers.
The new rules are as follows:-
• The cost of the benefit does not exceed £50
• The benefit is not in cash or a cash voucher
• There is no entitlement to the benefit through h the employee’s contract not in recognition of services performed.
Where the company is a Close Company (most small Owner Managed Businesses are) then the exemption is capped at £300 in each tax year.