With Winter now upon us, why not take advantage of the various forms of tax relief to ensure a wealthier and more profitable New Year for both you and your business? Consider the following tips:

Festive parties
Reward employees’ hard work with a festive party. Such annual functions are tax and national insurance free, so long as the cost per head is less than the £150 (including VAT) tax free limit per year.

A time for giving?
Thinking of passing on a serious slice of your personal or business wealth? Careful planning can mean it is possible to pass on substantial amounts of wealth with no immediate tax bill.

Charity donations
Considering making a donation to charity? Through the various forms of Gift Aid, gifts of cash, trading stock and investments can be made tax-efficiently – a bonus for you and for the good cause.

Staff gifts
Most gifts to staff are treated as a taxable benefit. There is, however, an exception for what are deemed as ‘trivial’ gifts. Small items (excluding food, drink, tobacco or vouchers) carrying some form of advertisement and of relatively small value should be eligible for a tax deduction. Good examples might be diaries and calendars with the firm’s name embossed on the cover.

Keep out the cold
Winter weather means increased energy costs for business. Have you considered the enhanced capital allowances for energy-saving equipment? Contact us for more details of the allowances available to you.

And have you considered the energy-efficiency of your business? An energy-use audit can lead to a significant reduction in your business’ energy costs.