Advice on £50 tax-free gifts for directors and staff.

Hello and welcome to your monthly Spark Accountants newsletter. Every four weeks we bring you the latest news and advice to help your business grow.

Remember £50 tax-free gifts – but always apply the strict rules

Directors of limited companies should remember that both they and their staff are allowed to be paid tax free gifts of up to £50, according to Birmingham-based Spark Accountants.

Phil Burnell, founder and managing director of Spark Accountants, explained that as long as such gifts are not in cash, are not a reward for work or formalised in contracts then they can fall under the ‘trivial benefits’ rule.

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Are you paying your staff fairly?

Paying people properly and fairly is one of the main ways you’ll keep the best talent – which is more crucial than ever when it’s hard to come by.

But, with the soaring cost of living, and lots of businesses not knowing how to benchmark their reward packages, it can be hard to get it right.

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Spark’s tip of the month: ice lolly tax break

Consider cooling down your employees with an ice lolly or Mr Whippy – and pay no tax on the cost!

The treat must be offered to everyone though, it can’t just be certain members of the team, and make sure they are consumed in the office, and they are then exempt from tax and national insurance.

But take care: providing employees with innocent treats can attract an unexpected tax bill if you don’t follow the rules! Keep cool and carry on!

What is the super deduction?

Introduced in 2021, the super deduction is a major tax break for business investment, but it’s not here forever.

It essentially allows you to slash your tax bill when you invest in qualifying assets, by claiming 130% of their cost as a first-year capital allowance. Here’s what you need to know to make the most of it.

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Where have all my staff gone?

You’re not the only one asking this. It’s not easy to recruit and retain staff right now, and many agencies are struggling to deal with the so-called ‘great resignation’.

According to the ONS, the rate of job-to-job moves stood at a record high of 3.2% in the second half of 2021, following a dip in job changes during the pandemic.

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