I feel that, as the director of a limited company, I don't get many benefits at the moment, but trivial benefits help greatly. We are lucky that as so many people need our services right now, we have not needed to furlough either of our two directors ...
It is useful that we work from home so don't pay rates, but at the same time, there are no grants available to us because of that. However, there is one little benefit I had almost forgotten about and I'm pleased to say it can be a little ray of sunshine at such a gloomy time.
As long as you keep within the rules you can issue yourself, as a director of your own company, amazon vouchers (or similar) a few times a year with no tax implications and no need to report to the HMRC.
The conditions that apply are:
- it cost you £50 or less to provide
- it isn't cash or a cash voucher
- it isn't a reward for your work or performance
- it isn't in the terms of your contract
So, in effect at Silicon Bullet, one of the directors can be 'gifted' an amazon voucher for £50 every month, if we take it in turns meaning we get 6 each, so a total of £300 each in the year.
If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.