Originally posted by Lance
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
xmas party - expense
Collapse
X
-
-
Originally posted by TheCyclingProgrammer View PostIt would not be business entertainment. OP is not entertaining clients. Their employer is paying for an annual event (Christmas party/meal) for its employee and one guest. It would qualify for a CT deduction so long as its within the limits.Leave a comment:
-
Should the threads you find using the search not answer all your questions there is always you accountant you can ask.Leave a comment:
-
Please think about using the search function to look for commonly asked questions. As you can imagine this is done to death every year.
The best method of searching the forums can be found in this link.
http://forums.contractoruk.com/welco...uk-forums.html
ThanksLeave a comment:
-
Originally posted by Lance View PostThe company counts it as business entertainment so no further relief.Leave a comment:
-
YourCo can pay for an annual event for its employees so long as the cost per head (including any other guests) is not more than £150.
As you're on the FRS YourCo will not be able to reclaim any VAT on this amount however it will be an allowable expense for CT purposes without incurring any BIK charge on you personally.
The event should be an annual event (you could have multiple: e.g. a summer BBQ and an Xmas party) and its primary purpose should be for the entertainment of its employees (and it must be open to all of them).
As such, this does not preclude inviting a guest that isn't an employee - there's no set limit on guests - but its all relative. An Xmas party for company with 100 employees plus some clients/suppliers would probably meet this test, a company with one director and no employees would probably only get away with inviting their partner or spouse.
If you have more than one event, the £150 limit is split between them.
I'm not sure it matters if you pay for it yourself and YourCo reimburses you but personally I'd try and put it on the company card so its clear that YourCo is paying for the event and you're not just claiming back the costs of a random meal from YourCo.Leave a comment:
-
Originally posted by oxon1985 View PostHi, im new to contracting and finding my feet.
quick question, if i wanted to have a xmas meal with partner (less than £150) i have read i can claim x amount back, do i just get the VAT back? (im registered for FRS) or the whole value?
do/can i use the company bank card? or personal and expense it?
thanks in advance
Forget VAT if you're FRS. You already know this of course as you're already on FRS.
If you pay you can claim as a personal expense from the company. The company counts it as business entertainment so no further relief.
You must have receipts. You can only claim what's on your receipts.Leave a comment:
-
xmas party - expense
Hi, im new to contracting and finding my feet.
quick question, if i wanted to have a xmas meal with partner (less than £150) i have read i can claim x amount back, do i just get the VAT back? (im registered for FRS) or the whole value?
do/can i use the company bank card? or personal and expense it?
thanks in advance
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: