What is Trivial Benefits Exemption?

Trivial Exemption

HMRC’s ‘Trivial Benefits Exemption’ allows a director of a company to receive individual benefits of £50 or less, and is capped at a total cost of £300 per tax year. These benefits can be purchased for members of your family or household.

The benefit can include wine, electronic items, video games, jewellery or gift vouchers, as long as the benefit doesn’t exceed £50 (including VAT).

If you are a director of more than one company, you can claim trivial benefits on each company.

Although this does seem great, there are some rules to the trivial benefits exemption. The benefit must not be cash, contractual obligation or a reward for completing a project.

For more information on trivial benefits exemption, get in touch with us!

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