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Post Info TOPIC: Director of 2 companies


Guru

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Posts: 963
Date:
Director of 2 companies


 

Morning all

Just wanted some confirmation on something,

I have a Ltd Co client where one of the Directors is also a Director of another Co (different accountants), am I correct in saying that he will be entitled to the £150 per head for himself and a partner from both Companies for annual events (xmas parties etc) but if there are no other employees present then VAT is blocked and cannot be claimed?

Also he is allowed the £300 total of trivial benefits from each Company as well.

Just wanted to make sure my thinking is correct

Thanks



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Posts: 3267
Date:

Hi Doug

As far as I can tell the trivial benefits/annual staff allowance relate to an individual company so can see no reason why they can't be claimed per company.

Can't comment on the VAT q but I'm sure Joanne will know.



__________________

John 

 

 

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



Master Book-keeper

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Posts: 8295
Date:

Morning
The Vat issue is mentioned in 700/65 (NB - Ive not checked this with the VAt act!!)
www.gov.uk/guidance/business-entertainment-and-vat-notice-70065

A useful one for the triv - an article from Tim Good (highly esteemed tax man!) . www.accountingweb.co.uk/tax/business-tax/trivial-benefits-far-from-trivial Check out his post at 5 Dec 20107 at 19.24. Ive not checked out ITEPA

__________________

 Joanne  

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position (and my that I dont mean with HMRC)



Guru

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Posts: 963
Date:

Thank you both as always

__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice

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