Leave your details and we'll call you back

News

Christmas - A time for giving!?

Trivial Gifts

 

As the festive period moves into full swing, it should be remembered that a happy workforce is a productive workforce, and what better way of showing your appreciation for all the hard work put in during the year than with a Christmas gift!!!!

 

With this in mind, it should be noted the pitfalls that should be avoided, so that you don’t get a tax headache!

 

A direct gift of cash or “vouchers” to your staff will result in a taxable benefit, and potentially tax and national insurance will be due.  However, instead of providing cash, there are other alternative “gifts” that can be provided which are regarded as trivial by nature and exempt from tax and national insurance.

 

The revenue have confirmed that gifts such as turkeys, ordinary bottle of wine or chocolates are all exempt from tax.  If the gifts were to extend beyond the nature of these gifts, then some consideration needs to be given as to whether the gifts would be of a “trivial” nature, for the exemption to apply.  With this said, the government have announced in the Autumn Statement that from April 2015, trivial benefits of up to £50 will be exempt from tax and national insurance, so this sounds like a good rule of thumb to adopt.

 

Annual Party

 

In addition to giving a gift, you can also entertain your staff with an annual party.  This can be as a Christmas party, summer outing, or similar annual function.  In essence you can incur costs of up to £150 per employee, and an additional £150 for the “partner” of the employee as well if they attend.  However, it should be noted that this isn’t an “allowance”, so if the cost of the function exceeds the £150 per head, the entire cost becomes taxable to the employee.

 

For further information please contact either Victoria Bishop, Tax Partner on 01900 603623 or Brett Bennett, Technical Manager on 019467 25808.

News Archive

It's good to know that robinson+co fully understand the issues facing our industry.

Tyson H Burridge, Tyson H Burridge Ltd

After over two decades of outstanding service to my company, robinson+co continue to evolve as my own business has.

Mike Graham, G&M Supplies Ltd

When I became self employed, getting reliable personal and professional financial advice and accountancy help was so important. I have been fortunate to have had such good service from robinson+co over the last five years.

Alison Harker, Wigton

We would like to thank robinson+co for their outstanding service they provide us in dealing with our PAYE and CIS.We find that they are very professional and understanding to our needs.

Carole & Brian Atkinson, B&C Atkinson Ltd

We can't thank Christine Smith enough for all her patience and help in keeping us straight with our payroll etc., and not to forget Tracey Kennett for all our Sage help.

Modern Homes, Workington

robinson+co have acted as accountants for both me and my Limited Company for a number of years, and are without doubt the most reliable, professional and cost effective firm I have ever used.

Paul Blamire - Everhaven Data Solutions Limited

robinson+co is registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

robinson+co is a trading name of robinson+co (Gosforth) Limited registered in England & Wales 08088245. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Regulated by the Institute of Chartered Accountants in England & Wales for a range of investment business activities.
robinson+co Financial Services Limited is registered in England & Wales 07272147. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Authorised and regulated by the Financial Conduct Authority firm number 597189.

Professional indemnity insurance

The firm's professional indemnity insurance policy is provided by Liberty who may be contacted via Bluefin Professions at Castlemead, Lower Castle Street, Bristol BS1 3AG. The policy applies to claims wherever made outside the United States or Canada, based on acts, errors or omissions occurring anywhere in the world.

robinson+co Financial Services Limited's policy is provided by Collegiate Management Services Limited and can also be contacted via Bluefin Professions.

© 2012 accountancy@robinsonco.co.uk : Web Design & CMS by Fatmedia