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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5112
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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A Director of a company (limited by guarantee not having a

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A Director of a company (limited by guarantee not having a share capital) receives no remuneration from the coy either as a salary or a benefit and normally pays an annual subscription of around £800 to the coy as a club member. If the membership subscription is waived for a year while the Director is carrying out a prominent role in the club, would this saving be regarded as a Benefit in Kind which would require to be reported to the Inland Revenue? If so is it the Company or the Director who is duty bound to report the benefit?

Hello and welcome to the site. Thank you for your question.

The company is effectively paying your annual subscription in return for services rendered and it is deemed a benefit in kind.

If you get any taxable benefits in kind, and you complete a tax return, you must enter their value on the Employment page of your tax return for the relevant year, even if tax has already been paid on them under PAYE. Your employer also has to make a return to HM Revenue and Customs (HMRC) with details of any benefits in kind given to you. Your employer makes the return on the form P11D, which lists the benefits and expenses for the relevant tax year. You should get a copy this form by 6 July following the end of the tax year.

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Customer: replied 3 years ago.

Have previously given rating

I am aware of it.. thank you