£500 one off bonus how you would want it?

I must say I have accepted "undeclared" gifts/bonuses in the past... it's entirely up to you and obviously not technically legit.

Having said that, the tax on £500 isn't going to be that much surely.
 
In my work place we receive something called "Pleasure Points" We receive £100 of pleasure points which are redeemable against any vouchers of our choice from a voucher supplier. When it comes to tax, these are a taxable benefit. After receiving the vouchers my company declares the vouchers as a "bonus" on my PAYE declaration so my gross pay for that month is £100 more thus resulting in £100 more of my salary being taxed. The £100 is not paid to me directly but I receive the vouchers.

Hope that makes sense :)
 
Mr-White said:
Gifts from employers aren't taxable
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It's not a gift, though. It's a bonus for work done (admittedly exceptional work, but that's irrelevant) and it's therefore earnings from employment and falls within the tax regime.

Mr-White said:
One of my previous employers gave us the choice of cash through pay (and get taxed) or take the full moneys value in computer parts

MW
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Quite possibly, but that wouldn't necessarily have been legal or correct.
 
Mr-White said:
Gifts from employers aren't taxable



One of my previous employers gave us the choice of cash through pay (and get taxed) or take the full moneys value in computer parts

MW
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Then he broke the law, if he gave anyone any kind of benefit in kind that had anything to do with your employment then it is taxable income.

The bonus given to the OP is not a wedding present or something of a personal nature, it is a bonus for exceptional work, your link explains this if you delve deeper into it.

for example regarding vouchers......

http://www.hmrc.gov.uk/manuals/eimanual/EIM16020.htm

Goods:

http://www.hmrc.gov.uk/manuals/eimanual/EIM00540.htm

Overview:

http://www.hmrc.gov.uk/manuals/eimanual/EIM00520.htm


The fact that the bonus is offered as a payment via PAYE shows that it is a bonus and not a gift.
 
You should pay tax on any of those options - benefit in kind

Your employer will be breaking the law otherwise and so will you if you don't declare it on your return (which will effectively be ratting on your employer!)
 
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