Happy Christmas from Lang Bennetts
The Lang Bennetts’ tree is up with festive boxes wrapped beneath it - not filled with gifts for us, as this year instead of sending Christmas cards, we’re collecting for the Truro Foodbank. We don’t think anyone in our community should have to face going hungry, especially at Christmas and would welcome any donations to be dropped into our Truro office.
A few things to remember this December:
Whilst Christmas is a time for parties and mince pies, it’s also time for tax-returns! A record number of people filed their self-assessment tax returns online over the festive period last year, with 2,044 people filing their return on Christmas day (a 13% increase on previous years), 24,546 getting in just a month early on the 31st December and 600 (hopefully sober) individuals filing their tax returns in the early hours of New Year’s Day!
If mounds of wrapping paper, tinsel and Christmas TV guides are hiding a looming pile of receipts, there really isn’t much time to get your affairs in order. Fail to file your return for the 2016/17 tax year by January 31 and you’ll face a £100 fine, with £10 added each day thereafter. For more information on tax returns, check out our fact file here.
Are you throwing your employees a Christmas party this year? Whilst there is no specific allowance for a ‘Christmas party’ as such, HMRC does provide limited tax relief for the cost of holding an ‘annual event’ for your company, providing certain conditions are met.
As a company director, you’re entitled to provide an annual event for yourself, any staff you employ and reclaim the costs against the company, as long as the cost per head does not exceed £150 (including VAT). The cost per head can include accommodation, transport, and food and drink – but must not exceed the £150 threshold, even by a penny. The event must also be open to all company staff to attend.
Our Falmouth and Truro offices will be closed from 5pm on Friday 23rd December through to Tuesday 3rd January at 8.30am. We wish you a very merry Christmas and look forward to working with you in 2017!