Our Tax Tip number five is tax free benefits. So, what tax few benefits are available to you and your employees? Watch our video to learn more.
There are many tax-free benefits you can pay for that get tax relief in the company and no tax on the employee. These include:
- Medical check-ups
- Annual health assessments
- Mobile phones
- Relocation expenses if you need to move home
- Providing workplace nurseries and crèches
- Sporting and recreational facilities
- Car parking
- Subsidising bus or rail fares
- Providing company bikes
- £150 per person per year for staff parties
And Relevant life insurance. Now, Relevant life insurance is a defined term, not life insurance that you think is relevant to you! It is a type of insurance for directors and owners of a business that can get tax relief. So it can be a really good way of rewarding your staff and yourself.
If you would like any more information on tax free benefits, please feel free to get in touch.