New changes brought in under Budget 2003 allow companies to provide staff that use the two-wheel option to travel into work with unlimited numbers of tax-free breakfasts, but only when they fall on designated company ‘cycle to work days’.
According to tax advisers from Moore Stephens, Inland Revenue inspectors are on the look out for companies that provide these free meals on days other than those designated.
Guy Smith, tax partner at the firm, warned: ‘The Revenue’s current emphasis on compliance means that officers are on the look out for small things like the provision of free breakfast other than on a designated day. A small slip up here may just be the trigger for a close examination into the rest of your accounts.’
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory