Travel and Subsistence | Personal Accountant | Oxon Accountancy

Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events. The system of beneits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the taxman. This involves a business reimbursing its employees, directors or partners for meals, accommodation or other general expenses, and claiming back tax where there is a valid receipt. However, intricate tax rules determine whether those reimbursed expenses are taxable on the employee or not, and employers need to consider and apply those rules on a daily basis. To avoid burdening employees or businesses with the costs involved in these journeys, there are certain tax exemptions that apply to them. With the 6 July deadline coming up for employers to ile P11D forms to report employee beneits and expenses relating to 2017/18, you’ll need to know your company’s reporting obligations for tax and national insurance.

To read complete article click http://pwpublishing.practiceweb.co.uk/oxonPWP_APU_Jun18_travel_and_subsistence.pdf

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