Christmas is just around the corner! Do you want to know what your business can spend on a Christmas party for you and all your colleagues? Well the answer is pretty straight forward and sticking to a few simple rules will allow you to have a good old tax deductible, benefit free knees up with your colleagues.

We've put together our list of 10 practical things that each newly incorporated company should do. We'll be honest, they're not the most exciting & dynamic tasks. But trust us. They'll save you from heartache and a big headache further down the line!

Directors, treat yourself or your family to tax free wine or gifts courtesy of HMRC's Trivial Benefits Exemption. Take advantage of the exemption and enjoy up to £300 of tax free beer, wine, gifts each year.

If you use your personal vehicle for business journeys, you can include the cost of the mileage incurred in your accounts, therefore saving you tax.

Good news! If you’re one of the UK’s many self-employed workers who carries out work from home, you can claim some of the cost of running your home as a business expense, which will save you tax!

If you own a limited company, contributing to a pension can bring significant tax advantages. Pension contributions can be treated as an allowable business expense and offset against your company’s corporation tax bill.