This Content Was Last Updated on April 4, 2020 by Jessica Garbett
The benefits code now applies to directors and employees.
As the tax year comes to an end it is worth remembering that there is no longer an £8,500 remuneration limit. The benefits code applies to directors and employees.
Also, from 6 April 2016 all dispensations ceased to exist and ITEPA 2003 s289 applies. This exempts from tax business expenses reimbursed on an actual basis without the need for a dispensation to the extent they are tax deductible.
Common items that will be covered by the exemption include:
- travel, including subsistence costs associated with business travel
- business entertainment expenses
- credit cards used for business
- fees and subscriptions.
To find out more download 480 (2017): Expenses and benefits
Article from ACCA In Practice