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Post Info TOPIC: Do I need to pay tax?


Master Book-keeper

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Do I need to pay tax?


Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?



-- Edited by Leger on Wednesday 22nd of April 2020 04:04:19 AM

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John 

 

 

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Guru

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Leger wrote:

Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?

 


1. Can you not put it through the Company and then buy the bottle as a Trivial Benefit.

2. Put it through the Company, BIK for the EE but no cost to the Company.

3. To be somewhat controversial and I am sure I will get severely reprimanded for this, do you think HMRC would actually care about £20, just stick it in your pocket.  

 



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Doug

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



Senior Member

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Artois wrote:
Leger wrote:

Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?

 


£20, just stick it in your pocket.  

 


 Thin end of the wedge though. Where does it end?



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Caron



Guru

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Casu wrote:
Artois wrote:
Leger wrote:

 


£20, just stick it in your pocket.  

 


 Where does it end?


 Hopefully at the off-licence! biggrin



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Doug

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



Forum Moderator & Expert

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Artois wrote:

3. To be somewhat controversial and I am sure I will get severely reprimanded for this, do you think HMRC would actually care about £20, just stick it in your pocket.  

 


 



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

Status: Offline
Posts: 3550
Date:

Artois wrote:
Leger wrote:

Ok, time to get the grey matter working.

A new client I recently did a tax return for paid me an extra £20 as he was grateful for what I did. I plan to buy a bottle of Southern Comfort with it. I'd rather not pay tax on it, as I can't get a bottle for £16.  How do I (or rather the Ltd Company) get round that?

 


1. Can you not put it through the Company and then buy the bottle as a Trivial Benefit.

Well done, that's the answer I was looking for.

3. To be somewhat controversial and I am sure I will get severely reprimanded for this, do you think HMRC would actually care about £20, just stick it in your pocket.  

 Oooooh naughty.  It was paid into the bank on top of the invoice so couldn't have done anyway.  Loved your reply as to where it would end up, nothing wrong with a little light hearted humour.

 

It was just a little fun test to see if anyone mentioned the trivial benefit.  I've only ever received two bonuses, the other one being £25 but didn't know about the trivial benefit then so just added it as additional income.

Anyway, I'm off to the offie now to spend my bonus (hic) 

 



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John 

 

 

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

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