With the festive season in full swing, Jonathan Amponsah CTA FCCA, CEO of The Tax Guys, gives a rundown on nine tax-deductible savings available to businesses from Christmas parties to tax-free staff awards and client gifts
It’s that time of year once again where the temperature drops and we all huddle indoors to eat, drink and celebrate the season of goodwill. It’s also a time of staff parties, Christmas bonuses, and perhaps even annual awards.
Adding the costs up, Christmas looks to be just as expensive for businesses as it does for individuals. Yet, all this goodwill can generate some handy tax deductions that will keep both your accountant and the tax man happy.
These nine gifts may not be from your true love... HMRC... but they will keep all the pipers playing.
1. Christmas parties ‒ up to £150
A staple of the festive season is the staff Christmas party. A chance to cut loose a little and celebrate with staff. Most business owners are aware that they can spend up to £150 per head (inc VAT) tax-free on social functions to entertain staff.
