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1. www.gov.uk › expenses-and-benefits-long-service-awardsExpenses and benefits: long-service awards: Overview - GOV.UK

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   What you have to report and pay depends on: if the award is cash, non-cash or ‘readily-convertible assets’, eg shares. how much the award is for. how long the employee has worked for you. if ...

   • What's Exempt

     the award is worth less than £50 per year of service you...

   • What to Report and Pay

     For employees with at least 20 years’ service and no...

   • Print Entire Guide

     We would like to show you a description here but the site...

   • Technical Guidance

     The following guides contain more detailed information:...

2. holdenassociates.co.uk › long-service-awards-howLong-service awards – How to reward your staff tax-efficiently

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   Aug 3, 2023 · Let’s look at an example and see how you would make a long-service award. For a 20-year award: The maximum tax-free value is £1,000 and will be tax-free provided no long service award was given in the previous 10 years. A subsequent 25-year award would be taxable in full, as the previous one was given within 10 years.

3. business.love2shop.co.uk › blog › rewards-andAre Long Service Awards Taxable? Everything You Need to Know

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   Oct 8, 2024 · You can visit the Gov long service awards for advice. It states: “As an employer providing long-service awards to your employees, you have certain tax, National Insurance and reporting obligations.” Reporting and paying taxes will depend on if the award is a cash lump sum. Or if it’s non-cash or shares (readily-convertible assets).

4. employeebenefits.co.uk › issues › motivation-andJo Keddie: Legally-compliant long-service award schemes

   employeebenefits.co.uk › issues › motivation-and

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   Oct 24, 2013 · The culture of long-service awards is well established in the UK, but how can employers ensure they stay on the right side of the law? Employers may have moved away from the time-honoured carriage clock to gift vouchers and celebratory dinners for long-service awards, but many continue to operate long-service schemes as a way of acknowledging and appreciating staff loyalty, irrespective of an ...

5. aphaccountants.co.uk › long-service-awards-and-howLong-Service Awards And How To Reward Your Staff

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   May 5, 2022 · The maximum tax-free value of the long-service award is £1,500. If the employee also had a 25-year award, the tax-free value of that will be deducted from the £1,500 leaving a minimum amount of (£1,500 – £1,250) £250. If the 20-year award was less than £1,250 then the deduction would be reduced, leaving more available for the later award.

6. www.gov.uk › expenses-and-benefits-long-serviceExpenses and benefits: long-service awards - GOV.UK

   www.gov.uk › expenses-and-benefits-long-service

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   For employees with at least 20 years’ service and no previous award in the last 10 years, you must: report the amount on form P11D. pay Class 1A National Insurance on the value of the award over ...

7. People also ask

   What is a long service award?

   • What is a long-service award? A long-service award could be a cash sum, a non-financial reward or even share options in the company. But only non-cash awards can be given tax-free. If you give a cash amount or share options, you’ll have to report this to HMRC and the employee will be charged tax and National Insurance (NI) on the reward.

   Long-service awards – How to reward your staff tax-efficiently

   holdenassociates.co.uk/long-service-awards-how-to-reward-your-staff-tax-efficiently/

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   Are long-service awards tax-free?

   • Giving them extra benefits or rewards helps them feel valued and one of the tax-free benefits that’s often overlooked is long-service awards. What is a long-service award? A long-service award could be a cash sum, a non-financial reward or even share options in the company. But only non-cash awards can be given tax-free.

   Long-service awards – How to reward your staff tax-efficiently

   holdenassociates.co.uk/long-service-awards-how-to-reward-your-staff-tax-efficiently/

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   Are long-service awards a good idea?

   • Employers may have moved away from the time-honoured carriage clock to gift vouchers and celebratory dinners for long-service awards, but many continue to operate long-service schemes as a way of acknowledging and appreciating staff loyalty, irrespective of an employee’s role within the organisation.

   Jo Keddie: Legally-compliant long-service award schemes

   employeebenefits.co.uk/issues/motivation-and-recognition-supplement-2013/jo-keddie-legally-compliant-long-service-award-schemes/

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   Are long-service awards tax deductible?

   • If any of the long-service awards you provide aren’t exempt, you must report the costs to HM Revenue and Customs (HMRC) and deduct and pay tax and National Insurance on them. Any cash you award to an employee counts as part of their earnings. You must:

   Expenses and benefits: long-service awards - GOV.UK

   www.gov.uk/expenses-and-benefits-long-service-awards/what-to-report-and-pay

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   Do long-service awards discriminate against younger employees?

   • This is because employers that offer long-service awards will almost certainly indirectly discriminate against younger employees who, simply because of their age (a protected characteristic under the Act), are less likely to have accrued long service in comparison with their older colleagues.

   Jo Keddie: Legally-compliant long-service award schemes

   employeebenefits.co.uk/issues/motivation-and-recognition-supplement-2013/jo-keddie-legally-compliant-long-service-award-schemes/

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   What if the cost of a long-service award is less than salary?

   • If the cost of the long-service awards is less than the amount of salary given up, report the salary amount instead. These rules don’t apply to arrangements made before 6 April 2017 - check when the rules will change.

   Expenses and benefits: long-service awards - GOV.UK

   www.gov.uk/expenses-and-benefits-long-service-awards/what-to-report-and-pay

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8. www.dinglisaccountancy.co.uk › long-service-awardsLong-service awards – how to reward your staff tax-efficiently

   www.dinglisaccountancy.co.uk › long-service-awards

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   Jul 21, 2023 · For a 20-year award: The maximum tax-free value is £1,000 and will be tax-free provided no long service award was given in the previous 10 years. A subsequent 25-year award would be taxable in full, as the previous one was given within 10 years. A third award at 30 years would also be taxable in full, as its within 10 years of the 25-year ...