‘Tis the season to… check the tax on gifts!
12/12/2022 - Larking Gowen
Employment Tax Specialist Tessa Brown is getting in the festive spirit this week, and what’s more festive than tax!
Many businesses will be looking at handing out gifts and throwing parties for their teams over December, so Tessa outlines all the important HMRC info they need to consider. She explains the definition of trivial benefits and Annual Function Exemption, as well as the implications of employees receiving gifts from third parties. She also discusses the impact of PAYE settlement agreements and a few VAT and Corporation Tax considerations.
Okay, so not really very festive – we know! But these factors are important to consider to avoid any complications further down the line, particularly for new business owners.
For further information on today’s topic, and how we can help support you and your business on all tax related matters, click here.
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