Festive Tax Tips Yule be glad you read!🎄

'Tis the season to be Jolly and there’s nothing more jolly than any kind of relief from the Taxman. In 2017, HMRC declared that businesses wouldn’t have to pay tax on benefits for employees if they had a value of £50 or less. Astonishingly, only 22% of employers polled were aware of this new ruling and it seems that only 10% of them have chosen to take them up on the offer!

Considering that many employers choose to make a gift through salaries to their employees to mark the end of a year of grafting, they could be saving almost the value of the gift itself in National Insurance contributions by choosing a tax-free gift instead.

Surprisingly (and I say this because nothing ever feels simple where HMRC are concerned) they have kept the process simple. You don’t have to declare it or pay National Insurance so taking advantage of this trivial benefit couldn’t be easier. The only rule is that it has to be under £50 in value and it can’t be cash or cash vouchers as they aren’t exempt on the offer!

Now, I know that this is a crazy busy time for everyone so I've trawled the internet to give you my top 5 gifts for staff or clients this year.

So what's on my festive top of the pops under £50

Coming in at number 5 and the perfect accompaniment to your favourite Christmas movie;

Joe and Seph's, Gourmet Popcorn Tin - £19.99

Helping you plan for a fantastic 2021, in at number 4;

Best Self Co, Self Journal - £23.99

Raising a glass to making it through 2020, at number 3 is:

Cocktails for home, Christmas Cake Cocktail Kit - £29.95

Helping you stay in touch with a socially distanced Christmas, sliding in at number 2;

Amazon, Echo 5 Show - £39.99

At number 1, this beautifully curated Christmas Port and Cheese box;

The Cheese Geek, The Cliff - £45

Even though for many businesses this year it has been probably one of the most challenging faced in our time, but for many business owners, their staff have adapted and pulled them through and out the other side. However you choose to show your appreciation this year, the mere act of showing gratitude will boost morale.

I hope this list has saved you some time or just given you some inspiration in searching for gifts this year, this is exactly the type of task that can be outsourced to Virtuella so please get in touch with me today to get this off your to-do list