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expenses

Readers questions: As a limited company, can I put garden groundworks (path and patio) through the company? I am now working from a garden office and this work would provide access.

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What limited company expenses can I claim for? post image

There is a range of expenses you can claim for whilst running your business. You will incur a wide number of limited company expenses during the course of your work, ranging from printing and postage costs to purchasing computer equipment.
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Many small companies, including those providing professional services to clients, perform a lot of work from home. One of the most frequently asked questions by directors is what expenses can you legitimately claim back against your company? Here is a breakdown of claiming home office expenses.
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We look at the tax treatment of entertaining clients and employees – including the rules governing staff parties and taking potential clients out for lunch.
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When operating on a self-employed basis as a sole trader, you are your own boss, which means that you’re legally responsible for the financial affairs of your business, including the maintenance of financial records, daily bookkeeping and retaining the likes of invoices and receipts. As you keep close watch of your income and expenditure to ensure that the business is running smoothly, there are reporting obligations you are required to meet, writes Mark Halstead of Red Flag Alert.

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We all want to keep our businesses taxes as low as possible and one way is to claim all legitimate expenses.  But the general rule that says you can claim all expenses incurred wholly and exclusively for the purpose of your business is, sadly, not entirely straight forward.

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Getting tax right requires careful planning. Whether you are a sole trader, a business owner with staff, or a higher rate taxpayer, you need to be talking to your advisors and keeping your eye on the ball.

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Although HMRC sends reminders to those who need to file their self-assessment tax return, not everyone meets this deadline. More than 30,000 taxpayers completed their tax return within the last hour on January 2018.

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At this time of year, you may well be planning parties, awards and gifts for staff and customers.  As you do this are you checking that you are making the most of the available Christmas tax reliefs or ways to leverage your money this Christmas?

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Entrepreneurship is an exciting journey, however, it isn’t a smooth ride. There are challenging speed bumps along the way and you don’t have the luxury of getting a fixed amount of money every month. With all your focus on setting up a successful and profitable business, you might forget about securing your financial future.
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When running a small business, saving money and cutting costs where you can should always be a priority. By being smart when dealing with taxes it can actually save you a considerable amount of money. If you are effectively dealing with your taxes, it could be the difference between a steady profitable business to one that’s just barely getting by.
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Paper is costing businesses thousands per employee from its day-to-day use in the workplace. From a study conducted by WorkMobile of 1,000 workers, it was found that 67% of UK businesses are spending over £2,000 on paper annually per employee. This just goes to show the significant role that paper still plays in the daily activities of more than half of the businesses that took part in the study.

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Being in control of your finances is key to keeping your earning model afloat. That’s why it’s so important to stay on top of your books as a contractor or a small business owner as you have multiple income streams to deal with. Effectively managing your finances can do wonders for the process of bookkeeping for your small business.

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Most company directors will be pleased to hear that they can legitimately claim for the costs of an annual party for employees and partners, as long as a number of conditions are met.
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A frequently asked question by company directors is which pre-company formation costs can be claimed back once the company has been incorporated?
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If you decide to buy a company car and use it for personal as well as business reasons, then you will be liable for a tax charge for the privilege. The amount of the benefit in kind depends on a number of factors.
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As a limited company owner, what health-related costs (such as medical insurance, eye tests, gym memberships and private health checks) are allowable expenses for tax purposes against your company?
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Most limited companies and self-employed people have some type of insurance cover in place. In this article, we look at which business insurance expenses can be legitimately claimed against your firm’s profits.
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You are bound to incur a variety of travel-related costs as a limited company owner. Most of these costs can be paid by or claimed back from, your company.
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In this brief article, we look at how professional fees, such as accountancy and legal expenses are treated for tax purposes.
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