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Firms can claim back tax on Christmas Party spend.
Thinking about treating your staff to a Christmas Party this year? Well, it could be less of a strain on your company finances than you think, thanks to the government’s tax breaks for staff entertainment.
Over the past couple of years, many firms have put office parties on hold, telling staff that they simply don’t have the budget. However, the business world is feeling more positive this year and most managers will want to thank their staff for remaining loyal to them through the toughest times of the recession by spending a little on a Christmas Party. Company owners may be unaware that there are tax allowances for this kind of staff event, which can make the annual Christmas ‘do’ much more affordable.
Profitable companies can claim the cost of staff entertainment against their tax bill, to the value of £150, including VAT, per person. Businesses are increasingly realising that events that help to motivate staff and boost morale are a worthy investment that will help their business to grow and increase productivity.
Managers need to make sure they use up their tax allowance for the year and a Christmas party is a great way to do this. Staff often resent the cancellation of such events, particularly if they think that money is still being spent on entertainment for senior staff. So this year, make sure you thank the people that really keep your business going through the hard times and don’t waste your chance to claim back £150 per employee this Christmas.