It’s the ICS Christmas Party this weekend and what better opportunity than now to tell you that if you’re a contractor with your own limited company, then you can also have your own Christmas Party and take advantage of the tax break that HMRC offer for companies at Christmas.
For an annual event, such as your Christmas Party, HMRC allow an exemption from tax, NI contributions and the reporting but it must be;
– open to all of your employees
– cost no more than £150 per head
The exemption can be used once per year and can only be up to value of £150 per person. It cannot exceed this amount but the exemption can also apply for any family members who attend.
You may or may not have been invited to a number of client parties over the festive season but now you have the opportunity to have your own. For further information on this tax break please click here, or contact our accountant Sam Price on 0800 195 3750.