Southside Accountants Wimbledon

Tax Position on Christmas Presents

Nov25

present

Gifts to Your Customers

These are not an allowable business expenses unless you are giving free sample of products or your gifts have conspicuous advertising and the cost of the gift does not exceed £50+VAT per person per year. Further, food, tobacco, drink or gift vouchers are not tax deductible.

You can reclaim the VAT as long as the cost is no more than £50+vat per gift to each customer.

Gifts to Staff

Taxman says trivial benefits to staff as staff welfare are tax deductible and VAT can be claimed by the employer. Further, employees are not taxed on these trivial benefits. Examples of trivial benefits include turkey, box of chocolates or bottle of wine. Taxman has not set financial limits on these trivial benefits but he has said that value of these gifts should be reasonable.

Third Party Gifts

Employees can receive gifts from third parties (eg suppliers and customers) without being taxed as long as the gifts are up to the value of £250 (including VAT).

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.

Van – Tax Advantages

Nov20

2014_08 Car Branding FrontThe tax treatment of a van is far more favorable compared to a car. A question we are often asked what are tax advantages of a van and what can be classed as a van by the taxman.

In response to a Free Index question on the subject, I provided a full response. Rather than repeating this information.

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.

Tax Return Information – Cash Business

Nov19

cash

As a Free Index Finance and Accounting Expert I respond to tax questions on FreeIndex.

One of these question was about records that a cash based business needs to keep for tax purposes. Here is the link that provides this information http://www.freeindex.co.uk/business-advice/what-documentation-to-keep-for-your-tax-return_1144.htm

If you would like any further information, please do not hesitate to contact Southside Accountants Wimbledon & London.

Request a callback
close slider

    By submitting this online enquiry you consent to the sharing of your information with and to be contacted by Southside Accountants for the purpose of responding to your enquiry. For further details on how we collect, use and disclose personal information you should refer to our Privacy Policy