Expenses

How do I record software purchases?

Our Advice: Before recording the purchase as an expense you need to distinguish between whether the software is an outright purchase, or if you are just buying a license. Software licenses where the cost may be ongoing should be Recorded in Crunch as expense type General Administrative Expenses>...

Can I claim for eye tests and glasses?

According to HMRC there are no reporting requirements (tax or NI to pay as benefits in kind) on provisions of: "Eye tests required by health and safety legislation for employees who are required to use a computer screen or other VDU. Glasses or contact lenses that you're obliged to provide because...

How can you record company pension contributions in Crunch?

We’ve written a handy knowledge article about making pension contributions through your limited company. If you want to make payments to a pension fund through your limited company, then the actual amount you contribute should be recorded. So if you contribute £40,000 into a pension fund from yo...

How do I record a charitable donation through my Crunch account?

If you make a donation to a charity through your company, you can reduce the amount of Corporation Tax you have to pay by claiming the donation as an expense. You can read more about donating to charity through your limited company in our Knowledge article. To record company donations in Cru...

Can I claim tax relief on Health Insurance?

If the Medical Insurance is under the company name the company does get tax relief, however the director would be liable for personal tax as it would be seen as a benefit in kind and would need to be declared on a P11D form. Unless there is an advantage for using a company scheme ie. there being a n...

Can my company claim the fee for an IR35 assessment/review?

Yes, this is fine - record in Crunch as expense type Legal and Professional Costs - Legal Fees. See the full list of expenses that can be claimed

I need to sub-contract work through my Limited company, are there any ...

There's no issue with us. You should set your sub-contractor up as one of your suppliers (by navigating to the "Add New Supplier" screen) in Crunch and you should record their payment as an expense. To do this correctly navigate to the "Expenses" tab and click "Add: New expense" on the right hand s...

Should I bring equipment owned personally in to a limited company?

It is worthwhile bringing equipment (such as a computer, mobile phone or equipment) as an asset into the company, as you will be able to claim relief for this against tax. Currently the allowance for the first year the asset is in the company is 100%, meaning the whole cost will be set against your ...

If I pay for something using my own personal bank account can I claim ...

Yes, but wherever possible please obtain receipts and invoices in your company name. Any expenses paid for with personal funds, if chargeable to the company, can be entered under Expenses with the payment method as Paid by director personally Use the Director’s Withdrawals feature of Crunch to rec...

How do expenses reduce my tax liabilities?

Keeping track of all your business expenses will allow you to offset the cost of business essentials against your Corporation Tax bill, so you can save a little money while you spend it. When you put an expense through the business, as long as it is an ‘allowable’ expense, you can offset 19% of the...

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