There was little good cheer in the Chancellor’s announcements to parliament on 27 October. A short summary of the good news is listed below: Annual Investment Allowance (AIA): The £1m limit to claims for tax relief when purchasing qualifying assets was due to return to…
Year: 2021
Business gifts and tax
Business gifts are not allowed as a tax deduction against profits. The legislation treats gifts in the same way as business entertaining expenditure, which is also disallowed. HMRC define a gift as: “… something that is given to a person without receiving anything in exchange.…
Christmas gifts for staff
Readers are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, the full cost…
Increasing footfall
Footfall measures the number of times a customer returns to your business to purchase goods and services. Many business owners believe that the most effective way to increase turnover is to win more customers or to charge them more for purchases. Both of these strategies…