“I run my own Limited company and spend most of my time using a computer. My eyesight has worsened and I will need to get a sight check and new glasses. Can I put these through my company?”
There are very specific rules surrounding glasses and whether they are allowable for corporation tax and personal tax for directors or employees of a company.
Did you know that HMRC brought in new rules for the 2016/17 tax year for limited companies in relation to ‘trivial benefits’.
This allows ‘close’ limited companies to provide directors with up to £300 of tax free perks / gifts for the tax year.
There is a cap on each benefit of £50.
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).
Rates applying from 1 September 2015
HMRC has announced the new advisory fuel rates that apply from 1 September 2015. These are the rates employers can use to reimburse employees who pay to put petrol in their company cars when using them for business.
Most of the rates have gone down by 1p per mile; the exceptions are the petrol and LPG rates for cars with engine size more than 1400cc, which have stayed the same.