Mark McLaughlin offers some tax tips for romantic (or perhaps not-so-romantic!) couples.
Valentine’s Day is an opportunity for people with a ‘significant other’ to show how much they care; and if it can be done tax-efficiently, so much the better!
Here is a selection of Valentine’s Day tax tips for couples.
1. Dinner for two
Are you a business owner? If your beloved is your only employee, consider having a romantic Valentine’s Day meal. Staff entertaining does not give rise to an income tax charge for employees as a benefit-in-kind within certain limits. There is a £150 per head limit for benefit-in-kind purposes if unexpected tax bills are to be avoided (ITEPA 2003, s 264(2)). This exemption only applies to annual events, so why not make Valentine’s Day an annual dinner date?
What about a business