Ian Friend
- Position: Partner OCA
- Phone: +44 (0) 1753 551111
- Fax: +44 (0) 1753 550544
- Email: Ian.Friend@ouryclark.com
Would you dare ask your staff for suggestions?
You can reward, without a taxable benefit arising, those making sensible suggestions. HMRC provide tax exemption for two types of award:
- Encouragement awards – made for a suggestion which has some special merit or reflects priaseworthy effort on the part of the person making the suggestion. The permitted tax free maximum for an encouragement award is £25.
- Financial Benefit Awards – can only be made following a decision to implement the suggestion, awards must be based upon improvement in efficiency or effectiveness to be achieved and, subject to some financial restrictions, the tax free award cannot exceed £5000.
By the way the sun doesn’t generally shine as much as any of us would like!
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