Company allowance should cover close to ceremony (10)
I believe the answer is:
coronation
'to ceremony' is the definition.
(coronation is a kind of ceremony)
'company allowance should cover close' is the wordplay.
'company' becomes 'co' (abbreviation).
'allowance' becomes 'ration' (I've seen this before).
'should cover' indicates putting letters inside.
'close' becomes 'on' (I've seen this in other clues).
'ration' going around 'on' is 'ronation'.
'co'+'ronation'='CORONATION'
(Other definitions for coronation that I've seen before include "street?" , "Ceremony of installing a monarch" , "Royal ceremony of 1953" , "Crowning" , "Enthronement" .)