Expenses

How do I keep a record of my business mileage?

What is Mileage? If a vehicle is under personal ownership you can claim a fixed mileage allowance, set by HMRC. The mileage allowance is set by HMRC and is designed to be a reflection not just of fuel but also the cost of servicing, tyres, car tax, insurance, depreciation and even the interest o...

What expenses can I claim? What are the expense categories?

One essential way to achieve maximum tax efficiency is to claim all of the expenses to which you are entitled. Be careful to only claim legitimate items: according to HMRC, expenses must be “wholly and exclusively” for business use. This is intended to be a comprehensive list of business expenses t...

Can I claim a meal allowance?

You’ll be glad to hear that you can claim for the cost of food and drink whilst performing your work. But there are some important rules that should be understood before you claim The qualifying journey rule You can only claim for meals whilst on a business trip, or whilst working away fro...

What sort of travel can I claim for?

General rules about travel Your travel expenses are generally deductible where: You are responsible for paying the travel costs. The travel you are undertaking is necessary to your work i.e. your attendance at the place you are travelling to is mandatory. The travel should not...

Should I have a company car, van or motorcycle?

If you are thinking of getting a company car you should contact your accountant to discuss what the most beneficial option is for your situation. However, generally speaking the corporation tax relief from running a company car will be undone by the personal tax you will need to pay on the Benefit ...

Claims for using your home as an office

HMRC’s rules on whether you can claim use of your home as an office as an expense, or renting part of your home to your company, are complex. They apply whether you’re an employee, a limited company or self-employed (sole trader). We’ve broken down these rules to make it easy to understand the expe...

Can I claim childcare expenses through my company?

Childcare is very expensive. In fact, it’s so expensive that since 2015, childcare has risen by a third and some families have reported on childcare costing them similar to their mortgages and rent payments. There are, however, various schemes that can help to take the edge off those eye-watering nu...

How do I claim for business telephone calls and the cost of the phone ...

To claim full relief on your mobile phone or telephone you will need to ensure that a contract is set up between your company and the service provider, this way you can gain full tax relief on the cost of the phone and its use - any personal calls on the mobile are treated as a tax free benefit in k...

How do I claim for a company party or staff entertainment?

To reward staff for their hard work, you may wish to hold a summer or Christmas party. The good news is that HMRC allows a bit of tax relief for these events. As ever with HMRC, there are some rules to follow: During the tax year you are entitled to £150 (including VAT) per employee - this ...

I'm buying a new bicycle, can I use the cycle to work scheme thro...

Whilst you could use the scheme there is no real benefit to it as the scheme is there for employees to save tax by essentially buying it from their employer, who reclaims the VAT, through salary sacrifice. As your salary is set low in order not to pay tax, a salary sacrifice would not benefit you, b...

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