Gifting giving at this time of year is at it's highest, especially for a lot of businesses who wish to show their appreciation to clients and traditionally gift hampers containing food and drink are the main, if not only items found in hampers or baskets. However, there are many businesses who also present gifts throughout the year too.
The Inland Revenue Department (IRD) recently updated the guidelines around entertainment expenses and how you treat tax deductible items for entertainment expenses? Read this important article by Deloitte which explains the recent release statement from IRD as this now applies from the 1 September 2016 and food and drink items, even in a gift hamper can only be claimed at a 50% tax deduction.
If you would like to consider other options for gift hampers that do not contain food or drink, Home Hampers has carefully designed and created gifts to suit and as we specialise in creating gift boxes and hampers for home owners, you will find that your clients will receive memorable, thoughtful items for their homes. We will also happily work within your budget so please do not hesitate to touch base with Home Hampers to discuss your requirements.
If you are unsure about the Deloitte article and the new guidelines from IRD around gifting, please touch base with your accountant or tax advisor who will be able to clarify those details with you.
Happy Gift Giving over the festive season!!