We are a modern forward thinking accountancy practice

We adopt the latest technologies and business practices ensuring greater efficiency and effectiveness

We have been serving clients in the Minehead & West Somerset for over 85 years and service businesses, small and large, across many sectors including:

  • agriculture
  • the professions
  • the service sector
  • the construction industry
  • manufacturers and
  • retailers

We also have helped many individuals maximise the return they receive from the assets they own, reduce tax liabilities and evaluate future options.

Accountants in Minehead & West Somerset

Services Individuals & businesses

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We have a range of support and taxation services to suit both businesses and individuals.

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Resources Tools at your fingertips

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Access to really useful resources including: calculators, tax rates and allowances.

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Get in touch Our coffeee is awesome!

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We would welcome the opportunity to assist you.

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The current hot topic

Seasonal gifts to employees

At this time of year some employers may wish to make small gifts to their employees.

For many years HMRC have been prepared to accept that trivial benefits were not taxable under certain circumstances. However a statutory exemption has been introduced from the start of the current tax year which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy the following conditions:

  • the cost of providing the benefit does not exceed £50
  • the benefit is not cash or a cash voucher
  • the employee is not entitled to the voucher as part of a contractual arrangement (including salary sacrifice)
  • the benefit is not provided in recognition of particular services performed by the employee as part of their employment duties
  • where the employer is a 'close' company and the benefit is provided to an individual who is a director, an office holder or a member of their household or their family, then the exemption is capped at a total cost of £300 in a tax year.

If any of these conditions are not met then the benefit will be taxed in the normal way subject to any other exemptions or allowable deductions.

One of the main conditions is that the cost of the benefit does not exceed £50, if the cost is above £50 the full amount is taxable, not just the excess over £50. The cost is the cost of providing the benefit to each employee not the overall cost to the employer. Where the individual cost for each employee cannot be established, an average could be used. Two pertinent examples consider gifts of turkeys, a bottle of wine or alternative gift voucher.

Further details on how the exemption will work, including family member situations, are contained in the guidance.

However if you are unsure please do get in touch before assuming the trivial benefit you are about to provide is covered by the exemption.

Internet link: HMRC manual