Things you need to know about Coventry accountant in FBT as an employer

FBT or Fringe Benefits Tax is the tax paid by employers on some specific benefits of Coventry accountant they offer to their employees and their families. You can also take it as a form of salary but not in monetary form. Some of the benefits include:

Giving the employee to use the official vehicle for personal reasons
Giving the employees free gym membership
Allowing employees to borrow loans at low-interest rates
Free tickets to concerts

And the list goes on that is why the employer must understand the importance of FBT and its uses

To learn more about FBT benefits visit Coventry Accountant

Things an employer must know about FBT

You need to register yourself

If you have employees and you provide them with the above-mentioned benefits then you will need to register your business for FBT.

Things that FBT does not account for are:

Items such as:

Mobile phones
Printers
Clothing
Laptops
Briefcases
Tool of trade
Software

Other than that if you are providing benefits that are less than $3000 in value you might not have to worry about the FBT.

What to do to decrease the FBT liability?

You can decrease the liability by:

Replace the benefits with cash salary
Providing benefits that are not accounted for by FBT
Providing benefits that your employee can claim as an income tax deduction if they paid for it themselves
By using employee contributions

To learn more about liabilities talk to professional Accountants in Coventry.

How to register for FBT?

There are four platforms that you can use to register your business for FBT which are:

Through online platforms
By phone
By completing the paper form application to register for fringe benefits tax
By lodging the annual FBT return.

Want to learn more about FBT and how it works in the UK?

To learn more and get correct guidance on the topic you can visit Cheylesmore Accountants. They have expert Accountants who excel in what they do and have years of experience to give you great financial advice.