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Claim tax relief for your job expenses.
With many companies holding office Christmas parties – and with their staff gifting items or cash to friends and family – there have been ‘far more cases where the costs may [be] more’ than the tax-free limit UHY Hacker Young has advised.
Ian Dickinson tax director at UHY Hacker Young said: ‘We are seeing far more cases where the costs may work out at marginally more than £150 a person. This is an easy target for HMRC as it receives more tax while not having to pursue many employees for relatively small amounts.
‘HMRC’s guidance stresses that VAT-inclusive costs even if the employer can reclaim the VAT and incidental costs – such as travel and accommodation – are included. HMRC says employers should simply work out the total cost and divide it by the number of people attending not the company’s total number of...
