The £150 can be used for several events. It can also be used for travel to an event but you can't exceed £150. It must be open to all staff members though so you might need to have your Christmas party on your own? Although technically you should be able to.
- 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!
Christmas party £150
Collapse
X
-
-
Comment
-
Comment
-
Originally posted by MJHolohan View PostThat will depend. Are you VAT registered and reclaiming VAT on your purchases?
So, is it £150 inc VAT or £150 + VAT ?
thanksComment
-
Originally posted by ContractorBanking View PostYes, I'm VAT registered and claim on purchases.
So, is it £150 inc VAT or £150 + VAT ?
thanksComment
-
Provided that it's an Annual Event such as a summer BBQ or Christmas Party (being the obvious ones) and it's open to all employees, you can expense up to £150 (inclusive of VAT) per head per tax year. You should claim for the actual spend which is receipted. As Mudskipper said, if you go over this limit then the whole amount is subject to a benefit in kind charge (BIK). Don't claim for round sum cash amounts. Claim for what you spend which could include travel and accommodation to the event. So, assuming you're the only employee and you decided to invite your partner, then you can claim up to £300 for the annual event.
In terms of a student loan, in broad terms, you'll pay back 9% of the amount you earn over a certain threshold on your self assessment tax return (assuming your salary is kept below the threshold amount currently at £1,527). So if your total income is over £18,330 on your tax return, the student loan repayment will be calculated at the same time on your tax return; you'll pay the personal tax in the usual way to HMRC and they will in turn pass it on to the student loan company.Comment
-
Originally posted by Craig@Clarity View PostProvided that it's an Annual Event such as a summer BBQ or Christmas Party (being the obvious ones) and it's open to all employees, you can expense up to £150 (inclusive of VAT) per head per tax year. You should claim for the actual spend which is receipted. As Mudskipper said, if you go over this limit then the whole amount is subject to a benefit in kind charge (BIK). Don't claim for round sum cash amounts. Claim for what you spend which could include travel and accommodation to the event. So, assuming you're the only employee and you decided to invite your partner, then you can claim up to £300 for the annual event.
In terms of a student loan, in broad terms, you'll pay back 9% of the amount you earn over a certain threshold on your self assessment tax return (assuming your salary is kept below the threshold amount currently at £1,527). So if your total income is over £18,330 on your tax return, the student loan repayment will be calculated at the same time on your tax return; you'll pay the personal tax in the usual way to HMRC and they will in turn pass it on to the student loan company.Comment
-
Originally posted by cannon999 View PostI believe the 150 is applicable to employees only and does not extend to family/friends etc.Comment
-
Originally posted by Craig@Clarity View PostNope. It's still per head and extends to guests too other than staffComment
-
Originally posted by cannon999 View PostFunny that, my accountant said that it's only for employees.Comment
- 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
Comment