Work, Social Function/Parties
Posted on 6th September 2024
Friday's Fortnightly Tax Tip
With Christmas just over 100 days away, you will soon need to start planning your Christmas functions, if you haven’t already!
It is important to remember, that the total cost of an annual function can be a fully tax-deductible expense for the business provided that the following apply:
• The function is open for all of your employees.
• It is an annual event, e.g Christmas party or summer barbecue.
• The cost per person does not exceed £150.
Should the cost exceed £150 per person, the full amount will not be tax deductible for the company.
For further information, please visit the guidance here.
For more guidance call the team at Holmes Accountancy on 01908 315716 or contact us here.
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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