Before a business gets off the ground there are often a few start up costs incurred. Wholly and Exclusively Such costs can be recorded in the business accounts and claimed against tax assuming that they have been "wholly and exclusively" incurred for the business; that's the accounting term used for business costs and the test that HMRC will apply to check if the cost can be … [Read more...]
10 things you should know about payments on account if you’re self-employed
Many self-employed people (AKA sole traders) who complete a Self-Assessment tax return for the first time are left somewhat baffled when their tax bill is much bigger than expected. It happens because after they file their first Self-Assessment tax return, they find out they need to make a “payment on account”. But, what are payments on account and what key things should … [Read more...]
Christmas Tax Allowable Party – time to plan your annual knees up!
Like previous years we’ve updated our allowable costs for your Christmas Party blog. To make sure that the costs for your Christmas Party qualify as allowable there are just a few simple rules to follow. The Rules The party or event needs to be open to all employees It is an annual occurrence but doesn't have to be at Christmas The event mustn’t … [Read more...]
Can I claim for my clothing?
Emily Coltman from FreeAgent guides you through if you’re able to claim your clothing costs through your business. This blog has been provided by FreeAgent. View the full image at FreeAgent … [Read more...]
Travel and subsistence: how much can your limited company claim?
Whether you’re a freelancer, contractor or a small business owner, you may be called upon to work away from your normal base, occasionally or frequently. This will create travel costs for your business, while you’ll also need to feed yourself. But, what are the rules when it comes to claiming for such costs? What travel and subsistence costs are allowed? To be able … [Read more...]
How to organise your Limited Company costs and expenses
If you operate your business through a Limited Company it's essential that your mindset shifts to thinking of the company as something completely separate to you; it is a separate legal entity recognised in law. In reality this means that you must not treat the Limited Company's money or its bank account as your own; so you need to get organised. Here's how .... Business … [Read more...]