Don’t let the taxman spoil the party
24 September 2019
Most of us look forward to attending an office party or event but, if you are the organiser, it’s more likely that you are hoping you’ve remembered everything and the event goes well.
If you are an old hand at organising parties and events, maybe you are just looking forward to it being over. Either way, there is one planning aspect of the event process that you may have overlooked. It could help your budget stretch further if it’s not been considered or, conversely, present a cost you have not budgeted for.
If you have mentioned the party or event to someone in your finance team, they might point out that, while they too enjoyed the party, someone should give careful consideration to the tax issues that arise from party and event activity. Tax is not something that you’ve ever really considered. Surely it can’t be that complicated, you think. And anyway, how is tax going to affect how much money you have to spend and how you intend to allocate it?
Ever found yourself in this, or a similar, situation?
Even if you haven’t, if you are involved in organising business entertaining or staff events in your organisation, considering the tax issues should be part of your event planning process. This may sound strange, but the tax issues arising from business entertaining and staff events are complex and, to the uninitiated, may seem bizarre.
Download our full briefing or contact Shawn Healy.