REPORTING REQUIREMENTS AND EXPENSES EXEMPTION

摘要

The introduction last year of the exemption for qualifying business expenses that would otherwise be deductible put an end to the need to apply to HMRC for a dispensation in relation to such expenses or benefits in kind paid, reimbursed or provided to employees. Where expenses or benefits meeting the conditions set out in the legislation have been paid or provided, the employer does not need to report those expenses or benefits. However, as with much of our tax legislation, there are many traps for the unprepared.