What are Benefits In Kind?

One of the most common questions we get asked is “what is a benefit in kind?”

Benefits in Kind” are non cash ways of rewarding employees and directors. The key thing is that they are not cash.

We are talking about benefits such as medical insurance, company cars, gym membership and private use of company assets.

However, just because they are not cash that does not mean they are tax free. They can be tax efficient for both the company and the employee (such as new electric cars) or can have pretty poor tax implications (such as if a company pays for your private petrol).

To find out how best to use BIKs, get in touch. 0203 151 2354 or email sharon@allianceca.co.uk