Christmas for accountants doesn’t really arrive until the end of the tax year in April; nonetheless, the festive period can be quite useful for those looking to help reduce the tax bill for their company while keeping staff happy. Yes, today we’ll be talking about tax-deductible Christmas gifts.
Why Give Gifts?
Nothing says ‘thank you’ quite like a gift, and no one needs to know that said gift happens to be tax-deductible, right?
With staff retention becoming a growing concern, especially in accounting where qualified accountants are in high demand, now’s the time to show some appreciation for your team. You never know, a thoughtful gift might just be the difference between keeping and losing your best and brightest (and giving gifts is a lot easier for Brits than showing emotion in spoken form).
And the gift-giving needn’t stop at your staff. Maintaining excellent relationships with other companies by giving gifts is a great way to stay in their thoughts, especially if the gift is particularly useful – no paperweights, please.
What Is Tax Deductible?
This is where the real fun begins: accountants will be able to look through the government’s expenses and benefits A to Z and work the potential gifts around what is and isn’t permitted for tax deduction.
Other rules regarding tax-deductible items include giving away items for the purpose of advertising if its value is less than £50 in total; that could be a pair of Bluetooth headphones complete with your company’s logo or a branded reusable coffee cup.
Want to get your accountants up to speed on tax deduction? AAT courses provide accountants with practical, applicable skills in areas like taxation and auditing. Contact a UKCBC course advisor today to discuss which AAT course can add the most professional value to your accounting team – discounts available for businesses that train their staff with an AAT qualification at UKCBC.
Did you join us for our AAT open day on Thursday, 7th December? Let us know your thoughts in the comments below. Need more information on studying an AAT course? Contact a UKCBC course advisor today to find out more.