J
jscan1
Guest
Hello,
A company would like to give out several different amounts of "prize money" to several ramdom persons during the year for taking part in competitions.
What are the tax implications for this?
Ideally the company would like to issue the prizes/monies "tax-free".
In that case I’m guessing the company would need to pay that complete possible amount of tax on them before giving them out?
Can someone answer this for me?
anyone?
A company would like to give out several different amounts of "prize money" to several ramdom persons during the year for taking part in competitions.
What are the tax implications for this?
Ideally the company would like to issue the prizes/monies "tax-free".
In that case I’m guessing the company would need to pay that complete possible amount of tax on them before giving them out?
Can someone answer this for me?
anyone?
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