Trivial Benefits – A New Exemption

Previously, there was no minimum cost threshold below which benefits were disregarded for tax purposes. This changed on 6 April 2015. From this date ‘trivial’ benefits are disregarded and no longer have to be reported on the dreaded PIID (Return of expenses payments and benefits). So what is a trivial benefit? The conditions for the … Continue reading Trivial Benefits – A New Exemption

Giving at Christmas – Inheritance Tax Allowances & Exemptions

Christmas is a time for giving...and most people are very happy if you give them money! However, it is worth remembering your allowances and exemptions for Inheritance Tax. If your estate is worth more than the Inheritance Tax threshold - £325,000 for the 2013-14 tax year - there are some important Inheritance Tax exemptions that … Continue reading Giving at Christmas – Inheritance Tax Allowances & Exemptions