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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