With Christmas fast approaching I thought this would be a good time to give you some info about any Gift vouchers that you might be giving to your employees as a seasonal thank you or bonus. These are taxable!
Although I suspect that most people already know this in their hearts, they do on the whole, ignore this.
To treat them correctly they should be shown on the payslip and included in the calculations for National Insurance purposes. For company directors and anyone earning above £8,500 per annum they should then be added to the P11d (P9d for those earning less than £8,500 per annum) at year end for calculating the tax that is due. Sorry about this folks but Mr. Tax Man says you are not allowed to have any benefits without him grabbing a portion of it. Even at Christmas!
