It should be noted that this is only open to incorporated businesses (including one man bands), but not sole traders and not for partners and employee's in unincorporated businesses.
Talk soon,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Dont shoot me if im wrong (i'll have a look in a minute) but ALL staff entertaining is allowable for tax purposes the £150 (and same for partner) is not relivant for tax purposes.
The £150 is relivant for P11d purposes only and where the limit is breached there is a potential P11d benefit.
I'll now away and try to prove myself right (or wrong) with some legislation.
-- Edited by adi2402 on Tuesday 28th of December 2010 03:04:03 PM
__________________
Forgive the typo's I generally do not proof read. Just lazy I guess!
quote below from HMRC website, as you can see from the last paragraph in relation to a non statutory practice being practiced in relation to only allowing £150 (& partner) for tax deduction purposes.
As i say my research skills leave a lot to be desired but if anyone want to expand with HMRC links it would probably be useful.
"TREATMENT OF STAFF ENTERTAINMENT
It will be seen from the above that there is no automatic Case I or II disallowance of the cost of staff entertainment, except where:
the provision of entertainment for staff members is incidental to its provision for others (Section 577(5)) or, exceptionally, the expenditure is not wholly and exclusively for the purposes of employers trade (Section 74(1)(a)).
Nevertheless, a non statutory practice has grown up in some areas of disallowing legitimate "staff entertainment" expenses in the employers Case I or II computation as an alternative to reporting the benefit of the entertainment on forms P11D. That practice is inconsistent with the concept of self assessment, and should no longer be adopted. PAYE Settlement Agreements now provide a formal alternative to the completion of forms P11D for individual employees."
-- Edited by adi2402 on Tuesday 28th of December 2010 03:03:44 PM
__________________
Forgive the typo's I generally do not proof read. Just lazy I guess!
It should be noted that this is only open to incorporated businesses (including one man bands), but not sole traders and not for partners and employee's in unincorporated businesses.
Talk soon,
Shaun.
How do Shaun, I take it you've done with the banking then?
still a banker, especially according to the ex wife!
Just got a few months off as having a bit of a child care nightmare from Mid Feb to the start of April so no point taking a contract for just six weeks.
I should be back in either London or Edinburgh from mid April but your stuck with me for the next three months at least.
Anyway, enough of me. Hows life been treating you?
Talk in a bit,
Mutley.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
still a banker, especially according to the ex wife!
Just got a few months off as having a bit of a child care nightmare from Mid Feb to the start of April so no point taking a contract for just six weeks.
I should be back in either London or Edinburgh from mid April but your stuck with me for the next three months at least.
Anyway, enough of me. Hows life been treating you?
Talk in a bit,
Mutley.
Lifes ok, hanging in there with my job and learning lots so I may be able to live up to my Guru status in ten years or so :)
