The 31st January deadline for submitting your tax return for the tax year to 5th April is fast approaching and you may be eligible for a tax refund. Below are...
Pierce Business Advisory & Accountancy Group
Our patient facing website is now live! If you're feeling unusually tired, generally under the weather or want to monitor your response to medication or treat...
The Phlebotomy Centre
STEM Construction's own Daniel Thompson visited Bolton Community Kitchen recently, helping our partners Robertson Group deliver donated items to help the charit...
STEM Construction Ltd
As we approach December, with 2023 only around the corner, now is the perfect time to check your website and see if you need to adjust any aspects of your desig...
OwlTree Web Solutions Ltd
Start the New Year with a bang and learn how to implement a CSR strategy for your organisation. As members of Lancashare, you and your employees can now get a 3...
Blackburn-based firm Pierce Corporate Finance has worked alongside alternative funding provider ThinCats to advise Canvas, a dynamic company offering bespoke pr...
Pierce Business Advisory & Accountancy Group
Tips on the tax treatment of seasonal promotional gifts
TIME FOR TREATS FOR YOUR TEAM & CLIENTS
The festive season is the perfect time to say thank you to key customers and staff. It is also a great opportunity to help carry the good will forward to more business in the New Year. Experienced Virtual Financial Director Pauline Healey gave us these quick tips on the tax treatment of seasonal promotional gifts can help you.
GIFTS FOR CLIENTS
Promotional gifts that carry a clear advertisement for the business, and cost less than £50 can be business tax allowable. Gifts as a voucher, food, tobacco, drink or alcohol are sadly not tax deductible. Check out an excellent range of popular promotional branded business gifts at Leyland firm https:///www.BusinessGiftUK.com
Non-promotional gifts, or larger value gifts are classed as entertaining and are thus not tax-deductible as an expense.
GIFTS FOR YOUR STAFF AND YOURSELF
For a Limited company, you are able to provide gifts to employees and directors to a maximum value of £50 per gift, inclusive of VAT. These gifts fall under the trivial benefit exemption, so no tax or NI is payable, as long as you do not spend over the £50 gift limit. You have flexibility on what the gift can be, the giving of the gift however cannot be related to a work activity or stated within the contract of employment. It cannot be given as a cash payment but it can be a non-cash gift voucher for shops or spas etc.
Directors are limited to a total of £300 of trivial benefits per year, there is no annual limit for employees.
Go ahead and treat yourself and your team, within these limits!
PAULINE HEALEY
Pauline is based in Lancashire and is a qualified member of the Chartered Institute of Management Accountants
Outsourced FD/CFO to provide clarity & confidence with your finances.
Maximise profit, cash & business value by tapping into vast commercial & strategic financial expertise.
Owner Logical BI Limited https://logicalbi.com/
The Sunday afternoon and evening show is headlined by Embrace, who became an indie sensation with their revered tracks including ‘All You Good Good People’, ‘Go...
North & Western Lancashire Chamber of Commerce
Pete Tong headlines Saturday night, in an exclusive two-hour set, the undeniable influential figure of world music will give Preston something it’s never seen b...
North & Western Lancashire Chamber of Commerce
The Changing Landscape of Branding for BusinessesIn today’s fast-evolving marketplace, branding is more than just a logo – it’s about creating meaningful connec...
North & Western Lancashire Chamber of Commerce
The Konsortia Partnership is a vibrant community of local, professional small and medium-sized businesses (SMEs) in property and construction, based in Manchest...
The Konsortia Partnership
Join us as we unpack the HLB survey of business leaders results, compare the UK's performance with global trends, and discuss what it all means for businesses l...
Beever and Struthers, Chartered Accountants and Business Advisors
Your Partner in Business. Networking is the foundation of business growth and remains one of the most effective ways to generate referrals and drive revenue. Ho...
BNI Lancashire