Let’s raise a glass to HMRC for their Christmas generosity
Lewis Smith & Co. would like make our annual reminder that in an uncharacteristic display of the festive spirit HMRC allows your business a tax free allowance for Christmas parties and functions.
You have £150 tax free to spend per employee, and a spouse or partner which covers related costs such as accommodation and transport.
Although the allowance tends to be used most at this time of year it actually covers similar functions through the tax year. So the company barbecue or the night out at the races could also be covered. Amazingly if you didn’t know about this loophole before now, claims can be made for past years expenditure.
We really should toast the hard working people at HMRC by the way. Sadly for them the taxman doesn’t hold any Christmas parties for its staff.
Lewis Smith & Co. are on hand to help you make sure that you claim this tax free allowance (and any others due to you) correctly.
Simply contact us today by calling 01384 235549 or emailing firstname.lastname@example.org.
Remember the tax return deadline is at the end of January 2014!
Lewis Smith & Co. – Accountancy services for Bridgnorth businesses.