@jamesproperty_: Save Tax This Christmas ⤵️ If you’re a business owner, HMRC allows you to treat your employees (and their partners) to annual events like a Christmas party or a summer BBQ! 🥳 And with Christmas around the corner, here’s how it works: 👉 The event must be annual and open to all employees (it can be an online event too) 👉 You can claim up to £150 per person (including VAT) on the Christmas event - or £300 per couple if their partner joins! 👉 Go over £150 per person? The whole amount becomes taxable, so keep those receipts. 👉 Single-person Ltd company? You can still claim! Treat yourself and your partner to a Christmas celebration. To give you an idea, here’s an example: ✅ You spend £1,500 on a Christmas party for 10 employees (10 x £150 per person) ✅ This allowable expense (£1,500) reduces your taxable profit by £1,500 ✅ If your company pays 19% corporation tax, you save £285 in tax (£1,500 x 19%) So while you don’t get the whole cost of the party back, you’re reducing the cost of the event. Think of this as a way to lower your overall tax bill, whilst treating your team (super important for team morale). Hope this helps, James x P.S - Share this video with your partner or boss and have a wonderful Christmas party!

James Coupland

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Region: TH

Monday 16 December 2024 12:37:22 GMT