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Post Info TOPIC: Do I need to pay tax?
Leger


Master Book-keeper

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Do I need to pay tax?
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Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?



-- Edited by Leger on Wednesday 22nd of April 2020 04:04:19 AM

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John 

 

 

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Artois


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Leger wrote:

Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?

 

1. Can you not put it through the Company and then buy the bottle as a Trivial Benefit.

2. Put it through the Company, BIK for the EE but no cost to the Company.

3. To be somewhat controversial and I am sure I will get severely reprimanded for this, do you think HMRC would actually care about £20, just stick it in your pocket.  

 



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Doug

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Casu


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Artois wrote:
Leger wrote:

Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?

 

£20, just stick it in your pocket.  

 

 Thin end of the wedge though. Where does it end?



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Caron
Artois


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Casu wrote:
Artois wrote:
Leger wrote:

 

£20, just stick it in your pocket.  

 

 Where does it end?

 Hopefully at the off-licence! biggrin



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Doug

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Shamus


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Artois wrote:

3. To be somewhat controversial and I am sure I will get severely reprimanded for this, do you think HMRC would actually care about £20, just stick it in your pocket.  

 

 



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Shaun

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Leger


Master Book-keeper

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Artois wrote:
Leger wrote:

Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?

 

1. Can you not put it through the Company and then buy the bottle as a Trivial Benefit.

Well done, that's the answer I was looking for.

3. To be somewhat controversial and I am sure I will get severely reprimanded for this, do you think HMRC would actually care about £20, just stick it in your pocket.  

 Oooooh naughty.  It was paid into the bank on top of the invoice so couldn't have done anyway.  Loved your reply as to where it would end up, nothing wrong with a little light hearted humour.

 

It was just a little fun test to see if anyone mentioned the trivial benefit.  I've only ever received two bonuses, the other one being £25 but didn't know about the trivial benefit then so just added it as additional income.

Anyway, I'm off to the offie now to spend my bonus (hic) 

 



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 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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