Party Time

As we are fast approaching the season of good cheer and all that, remember that the staff Christmas party is the one time that the taxman seems to raise a glass and allow a little seasonal tax relief.

The rule is that there is a limit of £150 per head per year and this includes current employees, retired employees and partners of both.

If the cost exceeds £150 per head, it is better to ask employees for a contribution of the excess otherwise the full amount becomes a taxable benefit.

In addition VAT can also be reclaimed.