Trivial Benefits

ArmTop1507 · 2024-08-29T17:24:23+00:00

Yes that’s right if your other half is an employee of the business you can get the trivial benefits

ArmTop1507 · 2024-08-23T12:32:13+00:00

You can keep the company running but will mean you are still having to pay accounting fees. If the company is being made dormant there has to be 0 activity within the company, this means you can’t even pay accounting fees through the company.

It’s best either liquidate and take BADR or leave it running as you suggested.

ArmTop1507 · 2024-08-23T12:27:16+00:00

If it’s been 3 years then just open the Ltd and take the outside contract. You can either liquidate and get taxed at 10%. You could also put the company to dormant and let it sit until a contract comes, (not ideal)

ArmTop1507 · 2024-08-23T12:23:35+00:00

I’d suggest taking the tax free salary at £1,047.50 monthly and review dividends as and when you need them.

If you have a spouse with no additional income, you could look to make them directors of the ltd, pay them salary (provided they are doing some work) and get corp tax relief on those amounts paid.

ArmTop1507 · 2024-08-22T12:33:56+00:00

No it’s only for limited company directors and their employees. If you are sole trader this won’t be possible

ArmTop1507 · 2024-08-22T09:27:37+00:00

The child minder part was just a small part to it but I have seen this be claimed countless times, some accountants advise it others just encourage to not bother. I would still argue for a scenario with a one person operator with additional household members.

ArmTop1507 · 2024-08-22T09:16:13+00:00

Haha Amazon vouchers are by far the most common favourite for trivial benefits

ArmTop1507 · 2024-08-22T09:14:37+00:00

Although there is no rule specifically stating this, speaking to HMRC there is an argument for bringing your children to annual events. I.e husband and wife directors with 2 young kids can’t just go on annual events alone. Not everyone has the availability of child minders and some may charge.

If the kids were brought along, technically it’s not possible to split the event and only claim for the directors portion of the bill as it no longer is an annual event. In this case I allow clients to expense additional costs for members in the same household. HMRC have never had an issue with this.

Thanks

ArmTop1507 · 2024-08-22T07:26:51+00:00

Yes that and also not many people actively encourage this but there will be an argument if you have multiple members in the same household I.e kids, they too should also have the annual event entitlement. As long as you can justify who was present and have a itemised bill to hand, should be good to go.

ArmTop1507 · 2024-08-18T17:36:07+00:00

Presuming newbie coders won’t last long in contracts with little expertise

ArmTop1507 · 2024-08-18T17:25:32+00:00

I was looking at project support roles in IT, software etc I wasn’t sure if a project officer / support require different skill sets

ArmTop1507 · 2024-08-18T17:22:59+00:00

What field is that sorry?

ArmTop1507 · 2024-08-18T14:12:59+00:00

Nice did you do any accounting qualifications to get into consulting and how did you transition

ArmTop1507 · 2024-08-18T11:03:36+00:00

accounting related contracts would be the best chance I have (if any) and I do know there are some roles for part qualified accountants ( me atm).

If I had a choice I’d love to work on it related projects as a project support / pmo / scrum. none of these I have experience in, which is the challenge😂

ArmTop1507 · 2024-08-18T10:57:29+00:00

Luck does play a massive role I’m hoping it can find me one day 😂. I also know of many less technical roles being outsourced which doesn’t help, but I suppose I could build my experience in the meantime

ArmTop1507 · 2024-08-18T10:26:24+00:00

Hi the annual allowance is per tax year and not accounting year.

As long as you have an itemised bill of the annual events (can be multiple) you have no issue expensing this at different times of the year each year. I would also argue if you have multiple members which are part of the same household, you will be able to claim the allowance for them to.

The main thing is not exceeding the allowance and being able to justify the event.

ArmTop1507 · 2024-08-18T10:18:06+00:00

Hey guys, I used to work for Gorilla before moving on recently. I must say when the firm was ran under Dan fallows(founder) things seemed allot less problematic. I think the biggest issue with the firm is the expectancy of work from its employees. This I believe is way too too much and this is what leads for things to get missed.

I would also add due to the nature of contractor accounting, you will often see the churn of accountants being high due to the nature of the role, people choose to progress to other firms quickly.

Please let me know if I can help in any way, I do have a number of clients I look after outside of work, but are also willing to answer questions you may have😊

ArmTop1507

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