Gifts and Tax at Christmas Time - Make Sense
4341
post-template-default,single,single-post,postid-4341,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-child-theme-ver-1.0.0,qode-theme-ver-10.0,wpb-js-composer js-comp-ver-5.0.1,vc_responsive
 

Gifts and Tax at Christmas Time

Gifts and Tax at Christmas Time

Gifts and Tax at Christmas Time

Father Christmas, Tax, Gift Tax, Accountants, Makes Sense AccountantsAnother festive question from our clients is; “are gifts tax deductible? What about vouchers and bonuses?

Business gifts to clients are only allowable as a tax deduction if the total cost to one individual per year is less than £50.

Gifts to staff: In some cases HMRC will consider a benefit exempt if the monetary value is so trivial it is not worth pursuing. HMRC has said a seasonal gift such as a turkey, bottle of wine or box of chocolates can be exempt. But a case of wine, a bottle of fine wine or a hamper is not likely to be considered trivial.

Vouchers: are subject to tax and National Insurance.

Christmas bonuses: are subject to PAYE and NI as additional salary.

For more information speak with Tim Hammond who is Director of Makes Sense on 07920 141762

No Comments

Post A Comment