Here is our third top tax tip for Christmas - if you are buying presents for any of your staff or customers this yuletide, make sure they qualify for tax relief!
To qualify for tax relief, gifts to customers shoul dbe below £50, and carry conspicuous advertising. Remember too that alcohol will always be disallowed. If the total value (including wrapping!) goes over £50, no tax relief is given.
What about the staff I hear you cry!!! Gifts to staff are actually classed as taxable benefits, unless 'trivial'. SO what does trivial mean? Well, perishables such as a turkey, a bottle of wine, and a box of chocolates are common gifts, and all considered trivial, and not therefore taxable. Money and vouchers are always not trivial, and should go through payroll.
Happy giving!
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