During the festive season, it’s good to acknowledge your suppliers, business partners, or staff and say thank you for their service. It can be easy just to send them the cliché bottle of wine or food hamper, but you might want to consider an alternative gift this year.
Hysons, Chartered Accountants, have a selection of tax-free corporate gift ideas which are not only perfect for Christmas, but also make a positive impression on both your community and the recipient. Whilst there’s nothing wrong with mince pies and mulled wine, sometimes it’s better to give a gift that has a lasting impact and reflects your company’s core values.
Here are 5 tax-free gift ideas to get you started:
1. Make a donation to a charity of your choice.
You might already have a charity that you raise funds for as a business, or if not, may know of some local charities that need extra support this Christmas. Making a tax-deductible donation on your supplier, partner or employee’s behalf can be a great way to raise awareness of the charity’s cause and demonstrate your values.
2. Buy Christmas dinner for the homeless.
Many charities offer food and accommodation for homeless people over the festive period. By paying for several Christmas dinners on someone else’s behalf, you’ll make a huge difference to those in need of food and shelter this festive season.
3. Sponsor a sports person or team.
Another alternative corporate gift idea is to sponsor a local sports person or team, showing your support for the community. It can be difficult for some sports people to find funding, so this could really help them achieve their sporting goals. Adding your suppliers’ logos to the team’s kit will help get them some brand recognition too.
4. Adopt an animal at your local zoo or animal shelter.
If your intended gift recipient has an interest in nature or wildlife, adopting an animal on their behalf is a lovely Christmas present. Plus, many zoos or animal care organisations will send regular updates about the adopted animal, so you can track the impact that your donation has had.
5. Fund an environmental project.
With climate change posing a huge challenge to the world, why not do a little something to help? For instance, you could pay to have a number of trees planted or fund a sustainable initiative, devising a project of your own that can help you or your gift recipients have a positive impact on the environment. This allows you to both cut down your carbon footprint and show that you care about the planet.
The Tax Impact of Gifting
Making a charitable donation on behalf of your suppliers, partners or staff is a brilliant way to demonstrate your core values as a business and share some festive cheer over Christmas.
Donating to charity is also tax deductive in most circumstances, so you’ll be able to deduct these charitable contributions from your end profit for the year. If you are unsure on the tax outcomes of any planned gifts, talk to us.
Get in touch to talk through the tax implications of gifting, or for advice on corporate tax planning, tax returns, or any other business accounting services you may require.