As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you and your employees? In this guide, we will be looking at tax and your work Christmas party.
Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for staff members are tax-deductible. However, it’s essential to understand the tax rules surrounding annual events and gift-giving. Overspending on festivities won’t just eat into your bottom line; it can also have tax implications for your employees.
In this guide, we’ll help demystify the tax treatment of your end-of-year celebrations.
GUIDE: Tax and your work Christmas party