Tax advice – how about a tax free party?
pCharles de Lastic, Managing Director of Bluebond a href=http://www.bluebond.co.uk/financial-planning-best/ target=_blankFinancial Planning, Hertfordshire/a, gives some tax advice for office parties./p
pSo, for the first time in the clubrsquo;s history, Chelsea did the Double and became only the seventh club in history to win both the League and FA Cup.nbsp; Anyone who knows me will know Irsquo;m an avid fan and that Irsquo;ll want to celebrate with my staff!nbsp; Or, heaven forbid, and England do well in the World Cup and we all want to throw a party for our employees ndash; can we do it tax free?/p
pstrongCan I host a tax free party for staff?/strong/p
pThe good news is, yes you can.nbsp; As long as the total spend is under pound;150 per member of staff.nbsp; This can cover the food, drink and also the cost of transport and accommodation if the employer pays for these./p
pstrongWhat about other guests?/strong/p
pYour, and my, teams will no doubt cheer the fact that they can also bring along their spouse or partner and there is no income tax or national insurance to pay./p
pstrongWhat other tax advice can you give me?/strong/p
pThis tax allowance lasts for the full financial year.nbsp; You could therefore throw both a summer and Christmas party provided that altogether it costs no more than pound;150 per year, per member of staff, thus making both parties tax free for the employees./p
pHowever, watch out that you donrsquo;t score an own goal.nbsp; If you go over the limit, by as much as a penny, the whole amount spent on the party will be liable for income tax and national insurance for both employers and employees!/p
pSo, join the party and lift your teamrsquo;s spirits.nbsp; Itrsquo;s been a tough time for everyone financially, so letrsquo;s find something to celebrate./p
pYou can visit the Bluebonda href=http://www.bluebond.co.uk target=_blank Independent Financial Planners, St Albans/a website to contact us for more tax advice, either personal or for your business.nbsp;/p
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