Christmas and tax are not two words that you would often see together! However as a small business owner there are ways to reward you employees at Christmas completely tax free!
Christmas parties, gifts and Tax!
As the festive season approaches, employers are often looking to reward their employees in a tax efficient way.
The Christmas party is a popular way to reward employees by treating them to a night out! The invite to the party must be open to all employees, be an annual event and be no more than £150pp!
A lesser-known way to reward employees is by providing gifts under £50 in value. So long as they are not part of an employees contract and not consisting of cash they are exempt from tax and national insurance.
KALA ATKINSON ARE A FIRM OF CHARTERED ACCOUNTANTS BASED IN EAST LONDON.
We have over 30 years experience in helping individuals and small businesses navigate their compliance whilst providing the business advice and the necessary financial tools to grow.
For more information on how we can help you file your tax return contact us today.