Expenses

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 - you should record this in your Crunch account as an expense, using the expense type of '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...

What date should I use when entering an expense?

When recording an expense you should use the date the expense occured. You can also record the payment date separately as these dates may not always be the same.

How should I deal with transport vouchers?

For information about claiming for transport vouchers please refer to the HMRC website here.

Can I claim back costs incurred prior to my company formation but rela...

Our Advice: If you were previously employed then yes the company formation expenses can be included in your costs. If you were previously a sole trader the company formation expenses can be included in your costs but any pre-company expenses should be included in your sole trader accounts as you wi...

How can assets reduce my tax bill?

What is an Asset? In the broadest terms, an asset is something that is: Owned / controlled by the company. Going to last for more than 1 year. Intended to be used in the company to generate more income. For example, a telephone used to make business calls, or a tool for yo...

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