What are trivial benefits?

What are trivial benefits?

Trivial benefits are best described as small ‘token gifts’, given by management to their employees.  Each tax year, directors can spend up to £300 in trivial benefits from the company account. This is tax free and constitutes a business expense and means that...
VAT Jargon Buster for Businesses

VAT Jargon Buster for Businesses

At Lee Coombes Accountancy, our tax advisor services are designed to give our clients in Swansea every opportunity to reinvest in their businesses, and invest in the future. Utilising a professional tax advisor ensures that you will be paying the correct amount of tax...
MTD ITSA postponed until 2026

MTD ITSA postponed until 2026

A recent statement by HMRC has announced the postponement of the implementation of the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) changes until April 2026.  Making Tax Digital for Income Tax Self-Assessment was slated for instatement in April 2024,...