PJT Accountants
What is a Fringe Benefit and is it affecting your Business?
15 April 10The Fringe Benefits Tax Year came to an end on 31 March. If your business is providing benefits to yourself or to your employees, you could be liable to pay Fringe Benefits Tax. Benefits can be non cash items also.
The most common form of Fringe Benefits is the use of motor vehicles. If a work vehicle is parked at or near the employee’s home, a benefit is being provided.
Some benefits provided to employees may fall into minor benefits. This means that you don’t need to pay fringe benefits tax, but they are also not deductible. Christmas parties or gifts to staff can often fall into this category.
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