Pay your employees ￡5k tax free !!! A gift from HMRC
If an employee comes up with an idea that benefits your business financially you can pay them up to ￡5,000 without tax or National Insurance.
The benefit is limited to ￡5000 but is based on :
50% of the money you would expect to make or save in the year after it is put into action or
10% of the money you would expect to make or save in the 5 years after implementation.
There are a few rules associated with the payments but none are really too onerous.
To find out more give a call to Lite Tax. 01275 541807
Private Practice Accountant
7 年This is a gift from the employer,not HMRC. Tax free to the employee.