HMRC offers employers a Christmas party allowance once per year. This is to help relieve the cost of an employees function on an annual basis.. Registered as a limited company in England and Wales under company number: 06775978. VAT Number: GB441746941. Call Us On. 01384 265140.. If you're a director of a limited company, you can claim up to £150 as a business expense for a Christmas party - even a virtual one! There are some strict rules, though. Sole Trader.. not an allowance. You MUST come in under the exemption limit for it to apply. If your party costs £151 (or more) per person, you won't be able to claim.
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The Xmas party would be covered by the exemption, and you would be taxed on the £65 as a benefit in kind. You should also be aware of the following: 1) The party has to be for all your staff, including non-family members (if relevant). 2) There is no tax relief if the party is just for directors and their families and other employees are excluded.. Your contributions are tax-free as long as the amount falls under the annual allowance. The annual allowance is rising to £60,000 on 6 April 2023. It is £40,000 for the 2022/23 tax year and £60,000 for 2023/24 and beyond. The allowance covers all your private pensions, including your personal and workplace pensions.
