One of the biggest concepts in tax law is that you’ve got to have receipts to prove your expenses that you incur. When you’re traveling, that’s really hard because you’re getting out of the taxi, you need a receipt, you’re buying some food at the bar, some chips for dinner.
Basically, you’re in business and someone pays you, they go into liquidation and the liquid they want you to pay your money back. Not a good position to be in, but there’s a couple of ways that you can defend yourself against a preference claim.
Coming up to Christmas and a lot of people want to give their staff and their team a little reward as a thank you for doing a good job and if you give your staff a bonus as a cash bonus, they’re going to pay tax on it, which is not such a great idea.