January Newsletter

Happy New Year, 2014 is upon us and self assessment tax returns are due by the end of the month!

Our January newsletter can be found here and contains all sorts of useful nuggets including yet another RTI extension for small businesses and a reassuring quote from Work and Pensions Secretary, Iain Duncan Smith, defending the new benefit system amid accusations of missed targets and IT failures.

Merry Christmas Everyone!

An accountancy related Christmas funny....

Merry Christmas and a happy new year from all of us at Easterbrooks!

Autumn Statement Newsletter

For a summary of how you might be affected by the Autumn Statement have a look at our special edition newsletter here.

If you're after more detail there is plenty of it here!

December Newsletter

The Autumn Statement is on Thursday 5th December, 24 hours later than originally announced as David Cameron is leading a trade delegation to China (or because George needed more time to complete his homework).

The latest announcements could affect you and your business, our website will be updated with the prescient details.

Our December newsletter can be found here and includes a preview of the statement amongst other things. 

'tis the season to be jolly!

With Christmas drawing closer party time is just around the corner.  Whilst this is good news and an excellent opportunity to reward hard working staff you don't want to receive any unexpected gifts (bills) from HM Revenue & Customs so it is a good idea to consider the tax treatment of any gifts made to staff and of course the staff Christmas party.

The Staff Party

Entertaining for employees is usually an allowable expense and you can also claim input VAT on the costs where a VAT invoice is provided.  There is a limit of £150 per head providing the entertainment is available to all staff.  This limit covers all events during the year (combined) and it's best not to go over it as if the costs amount to £151 per head the whole benefit is taxable on the employee, they may not thank you for this!

There are complications where non-staff attend events as you cannot deduct VAT on the costs relating to non-employees.  These costs are also not allowable for corporation tax.

The time for giving

Whilst there is no tax relief on gifts to customers you can give away samples advertising your business as long as it isn't tobacco, food or drink.  If your gift has no advertising on it then as long as it's below £50 it will be allowable.

Gifts to employees do attract tax relief although if it anything more than what HMRC considers 'trivial' it may be treated as a taxable benefit on the employee.

The gifts do need to be non-cash (that includes vouchers) otherwise it will be taxable on the employee as earnings and subject to PAYE and NI.

Remember

Christmas is a time for joy and not a time for unexpected tax liabilities!

November Newsletter

November is here and so is our newsletter!

This month includes information on the new employment allowance which looks like good news for small businesses and confirmation of the married couples allowance set to come into effect between 2015 and 2016.

See here for the online version, if you would like to register to receive these every month please register here.

October Newsletter

Check out our October newsletter for the latest on the green shoots of recovery!