You are also allowed to send small promotional gifts to customers and if they cost less than £50 each and carry a clear advertisement of your company, will be tax deductible. Anything else will be classed as entertaining.
- £150 (inclusive of VAT) or less per head; and
- an annual event (such as a Christmas or summer party); and
- open to all employees.
MORE BLOG POSTS FROM RAEDAN
Since its first announcement, there have been groups calling for the delay of Making Tax Digital and a recent report from the British Chamber of Commerce states 24% of businesses have still never heard of MTD.
When Making Tax Digital (MTD) was first announced it was dubbed “the death of the tax return”, sounds great doesn’t it! But from April 2019 businesses will need to be ready to deal with the biggest change to taxation in a generation.
According to a report published by Xero in 2017, 18% of accountants are still running ledgers with pen and paper. It’s time we said “out with the old approach, and in with the new!” which is we wanted to pit them against one another and, in this blog post, show you why there’s only one winner.