In its latest Business Support Update, Streets Chartered Accountants dives into the tax rules of staff gifts and Christmas celebrations and the Self-Assessment deadline.
Staff Gifts and Christmas Celebrations – What are the Tax rules?
As we approach the festive season, many businesses will be considering how they thank their staff and what are the tax consequences of doing so. There are a whole host of tax rules employers need to be aware of when providing employees with the use of assets, making gifts and settling payments on their behalf. The relevant tax rules determine if there is tax payable, by whom, on what value and at what rate.
Podcast: What will you be giving your staff this Christmas and will it be tax free?
In this session, Tax Partner Jennie Brown focuses on the tax implications of Christmas gifts for employees. In conversation, she considers what gifts are allowable and provides guidance on avoiding the pitfalls from an employer’s perspective.
Help is at hand when it comes to paying your tax
With the Self-Assessment deadline of the 31st January getting closer, thoughts will no doubt turn to the tax payment due. The last 18 months have been extraordinary, even unprecedented, with many seeing changes to their income and potentially making it challenging to provide for their pending tax bill.
Payroll support over the festive season
Streets Chartered Accountants’ offices will close for Christmas and the New Year at 12 noon on Friday 24th December and will re-open at 8.30am on Tuesday 4th January 2021.
However, the Payroll team will be available on Wednesday 29th December, Thursday 30th December and Friday 31st December between the hours of 8am and 4.30pm. The team can be contacted on 01522 551230 or 0345 099 7299. Alternatively, you can email payroll@streetsweb.co.uk
