Did you know that this Christmas you are able to gift your employees up to £50 each without tax restrictions?
HMRC legislation brought in this April, has reclassified gifts of £50 or under as 'trivial benefits'- meaning they are not subject to tax. This means that you are able to gift employees completely tax free, for this first time this Christmas.
The gifts must meet the following additional criteria:
- The gift is not a cash or cash voucher
- The employee is not entitled to the gift as part of their contract
- The gift is not provided as part of an individual reward or recognition package
Read the press release from ATT (Association of Taxation Technicians) here.