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The employees of a new firm of builders for whom we have recently been appointed to act often come by small amounts of scrap metal as a result of the building work that they undertake for their employer.
This material would otherwise be thrown away as part of the rubbish which results from their building works. The employees sell that scrap and put the money towards their Christmas beer fund which is held by one of the employees.
They have been informed by the scrap metal dealer that in future this money will need to be paid into a bank account and the proposal is that one of the employees should pay all the money concerned into his bank account to be collected and used at Christmas.
Can readers advise on the potential tax implications for the employer and/or the employees of these arrangements?
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