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Get in Touch: 01709 327 215
BRANAGANS
Accountancy Services Ltd
01709 327 215 | info@branagans.co.uk
November 2023 | Celebrate the Festive Season with a Tax-Break Gift at Your Christmas Party!
'Tis the Season Again! As Christmas approaches, offices nationwide are gearing up for festive celebrations. If you're organising a gathering for your employees, seize the opportunity to maximise available tax breaks from HMRC. Ensure compliance with regulations, and don't miss out on potential savings that could benefit both your team and your bottom line.
If you want to have a party that can benefit from tax breaks, then there are a few rules you need to follow. The party needs to cost less than £150 per head -
The party must be open to all
The parties must be annual -
If you happen to have various offices around the UK, then it is fine to have different parties in different places, as long as all members of staff are able to attend one of them. If this is the case, then you will still benefit from the tax exemption.
One other thing to consider is that if you have staff who are on Salary Sacrifice arrangements within your business, then you need to inform them of how much each social occasion is worth to comply with the rules.
Remember, if any of the events you have put on for staff throughout the year don't count as being exempt, then you must report all costs to HMRC and you will be liable for National Insurance payments on those amounts.
Each employee will need to have the cost reported to them on their P11D form, and the employer will need to pay Class 1A NICs on the amounts.
You can find out more about your obligations on the Gov.uk website, which is the best way to ensure you don't end up with a financial hangover.
Let us help you
If you want to know what you can and can't do in terms of the cost of your Christmas party, then please get in touch and we will be happy to offer you the help and guidance you need. Speak to a member of the Branagans team on 01709 327 215 or info@branagans.co.uk.
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