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Tax exemption for company Christmas party |   |
Even though research suggests that the credit crunch is forcing a considerable number of businesses are canceling their Christmas party this year, the majority of small businesses will still go ahead with their annual festive bash.
One reason to go ahead with the celebration is that, providing certain criteria are met, the company Christmas party can be exempt from tax. ACCA’s head of taxation, Chas Roy-Chowdhury, is urging business owners to familiarise themselves with HM Revenue & Customs’ rules that are set out for the Christmas party to qualify for the tax break:
- Parties must be open to all staff
- A maximum of £150 can be spent on each employee
- This amount covers entertainment, accommodation, venue, transport and VAT
- There may be 1 guest per employee, each of whom are entitled to a £150 exemption
- If this limit is exceeded then the full amount spent, not just the amount over £150, will be subject to income tax and NIC payments.
Posted November 11, 2008
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