Financial Advent Calendar
It’s the last few days of advent and below is our last set of financial advent calendar tips, this week geared towards businesses. We hope you have enjoyed them!
22nd – Business Allowances
There are various allowances which you can claim when you purchase equipment for your business such as Annual Investment Allowance (which is currently £200,000) and Writing Down Allowance (18% or 8%, depending on the type of asset)
23rd – Pension Contributions
You can contribute to a pension from your Company which will be tax deductible for Corporation Tax purposes. This represents a very flexible and tax efficient method of taking money from your Company and is not restricted in the same way as personal pension contributions.
24th – Long Service Awards
You don’t have to report or pay on a non-cash award to an employee if all of the following apply:
- they’ve worked for you for at least 20 years
- the award is worth less than £50 per year of service
- you haven’t given them a long-service award in the last 10 years
For example, you can give a non-cash award with a value of up to £1,000 for 20 years’ service. This includes giving it to yourself if you qualify as above!
25th – Christmas Party!
You are able to have an annual party or similar social function and it is tax deductible if all the following apply:
- you spend £150 or less per head
- it is annual, such as a Christmas party or summer barbecue
- and open to all your employees
So, if you haven’t yet had a Christmas party, now’s the time! If you have seen something you feel the need to discuss further, or this has whet your festive financial appetite, please do call in to discuss this further with one of our financial advisers at an initial meeting, provided at our cost – meantime, everyone at Philip J Milton & Company Plc would like to wish you a Merry Christmas and Happy New Year, however you choose to spend it!
