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Home » News & Insights » Terrific Tuesday Tax Tip – Gifts to employees

Terrific Tuesday Tax Tip – Gifts to employees

Posted on 20th December 2017

 

Gifts to employees

Who doesn’t like getting presents? No-one. And buying your staff a gift is a a great way of demonstrating gratitude for their hard work and support during the year.  So how can we do this without getting taxed?

Businesses

There are different rules depending on the type of gift you give. Follow the reporting and payment rules for the specific item. There is an A-Z rules of what is or is not a taxable benefit – https://www.gov.uk/expenses-and-benefits-a-to-z

You don’t have to pay tax or report to the Revenue for Trivial Benefits given to your employee if all of the following apply:

  • it cost you £50 or less to provide
  • it isn’t cash or a cash voucher
  • it isn’t a reward for their work or performance
  • it isn’t in the terms of their contract

Note:- You can’t receive trivial benefits worth more than £300 in a tax year if you’re the director of a ‘close’ company (ie 5 or fewer shareholders)

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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Filed Under: Tax tips

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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