Dec 7, 2017

Making Santa’s January less taxing …

No-one actually likes doing their tax return – least of all Santa… He’s always just finished his busiest time of the year, but instead of the chance to put his feet up for a well-earned rest, he has to get all his paperwork in order ahead of the January 31st deadline – or face a £100 fine from HMRC.

So, at Afford Bond, we thought it would be nice to give Santa a little present– a tailor-made checklist to make the job as easy as possible!

1. Bank of Mum and Dad

You must account for any income you have received this year…

2. Mrs Claus

Your wife has a £11,500 personal tax allowance – if she hasn’t received that much income herself, she can transfer part of it to you, so you’ll pay less tax …

3. Workshop renovations

Capital Allowances mean that the costs of the workshop equipment, new benches for the elves and new toy making machinery up to a value of £200,000 are fully tax deductible. Anything over that is still 18% tax deductible

4. Elves

All employees’ wages, expenses and tools are 100% tax deductible

5. Sleigh and Sleigh miles

Body work, mechanical repairs and mileage all count as business expenses – 100% again!

6. Reindeer

Essential expenses including their food, harness, vets’ bills etc. all count as miscellaneous expenditure – 100% again!

7. Red cloak and boots

Workwear allowance – the cost of any branded or protective clothing is fully tax deductible

8. Chimney repairs

We know your expanding waistline’s been causing a bit of damage on narrower chimneys…but it will all be covered by your public liability insurance – 100% deductible

9. Children’s lists

Don’t lose all those children’s letters – they’ll help with ideas for next year’s Christmas too. And R&D Tax credits mean you can claim back 230% of any costs of developing new toys and games

And of course, if you need any help with your tax return or self-assessment forms, please use the Contact Form here on our website and we’ll respond to you as soon as we can. Merry Christmas!

Other posts you might like: