Moderation in all things is the taxman’s motto when it comes to tax-free Christmas parties. The tax legislation allows employees and their guests to enjoy a Christmas party or similar annual function without suffering a benefits in kind tax charge – as long as the event is reasonably modest. In this regard, this means the cost per head is not more than £150.
“BUILDING A BRITAIN FIT FOR THE FUTURE”
This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget.
Despite rising tax charges year on year, many people still enjoy the convenience offered by a company car. The benefit in kind tax rules reward those who choose cheaper, lower emission cars with a lower tax bill.
Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available.
If you have a holiday home and decide to let it out, you may be able to benefit from the slightly more generous tax rules that apply to furnished holiday lettings as compared to other types of let, such as a residential let.