The £300 annual cap for the tax year applies to each director, so a husband and wife limited company will have £600 in total (assuming both are directors/company secretary).

These figures are inclusive of VAT and be aware that a trivial benefit cannot be cash or a cash voucher (a voucher which can be exchanged for cash).

For example, your limited company could provide you with a turkey at Christmas – not only would this come out of your companies pocket rather than your own, your company would also get 20% corporation tax relief on the cost!