The past few years have been quite stressful for business owners and individuals. It’s always a good idea to have ways to unwind and relax, and the holidays are fast approaching.
Below, you will find a few ideas to help your team enjoy the holiday season and how an accountant in Epsom can assist.
- Christmas Party – If you’re planning a celebration with the staff, an accountant in Epsom can help you claim tax relief for the costs involved without creating more taxable benefits for the staff. Currently, the tax-free allowance for an annual party is about £150. However, the event should be open to everyone and be recurring.
- Offer Christmas Gifts – You can benefit your staff by giving them small gifts. In fact, you won’t pay tax on gifts (benefits) to the employees if they cost less than £50, it doesn’t come as a voucher or cash, it’s not a reward for performance or work, and it’s not in the contract terms of employment. Gifts like these are considered trivial benefits by the HMRC, and you won’t have to pay tax on them!
- Baker’s Gifts – The HMRC claims that if bakers reduce the prices at the end of the day for baked goods, it’s a traditional commercial transaction because the items wouldn’t be usable the next day.
Though there aren’t as many ways to reduce taxes around the holidays for individuals, they can still make charitable donations. You’ll want to tell your accountant in Epsom that you’ve done this so that the correct forms are used. David Beckman & Co Ltd is here to help!
