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Festive Cheer with the Taxman!
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Oct 01, 2017
Are you a limited company owner? If so the taxman is offering a bit more festive cheer.
By following a few rules set down by HMRC that stipulate what a Christmas party entails you can enjoy your feast even more with a tax exemption.
The Rules are…
The party has to be an annual event.
It must cost no more than £150 per head, only one pound more and the exemption is withdrawn.
The allowance can be split into multiple events, for example spending £50 per head on Halloween and £100 at the Christmas do.
The More the Merrier
All employees have to be invited with the bonus of bringing one family member who also benefits from the £150 allowance. Even a company of one can take their spouse out for £300.
No cheer for Sole Traders
This exemption is only available to limited companies and their employees so partners in a partnership, clients, suppliers and subcontractors best go home with a takeaway!