It’s nearly Christmas, but did you know….
- While millions of people are exchanging presents, feasting on turkey, and nodding off in front of the television, 1,600 people are expected to take time out from the yuletide festivities and do their tax return online
- If your employer spent more than £150 per head on parties you could be facing a tax bill in the new year
- If you are given third party gifts (suppliers) worth more than £250, then you could he taxed on them
- An employer may provide employees with a seasonal gift, such as a turkey, an ordinary bottle of wine or a box of chocolates at Christmas. All of these gifts can be treated as trivial benefits.
- Shoppers spent £1.2bn on ‘Panic Saturday’ (20th December 2014)
- Christmas Shoppers will spend £74bn in 2014 and of this £17.4bn will be spent online
- From 2016, employers will be able to give employees tax-free “benefits” – not cash – of up to £50 a year.
- HMRC will not be holding any Christmas Parties for its staff according to the Telegraph
- Many people think Scrooge was an accountant but he was actually a moneylender
- There is no VAT on purchased gift vouchers as they are treated as cash equivalents, its only when they are used to purchase items that VAT needs to be accounted for.
Have a great Christmas