Whether you’re a sole trader, a partnership or a limited company, you may be paying more tax than you need to, and you won’t be alone.
Many business owners don‘t realise that the expenses they can claim against income go beyond rent, rates, equipment, marketing, insurance and salaries. How about food, holidays and school fees?
To help find out if you could cut your tax bill, we’ve asked Jonathan Amponsah of the The Tax Guys to explain more about some of the less well known business expenses you can claim. (more…)
Are you a self-employed individual? Do you have to travel on business, and does that travel ever entail an overnight stay away from your home?
Do you know exactly which of the travel and accommodation expenses you can legitimately claim back? If you get it wrong, you could pay too much tax, or worse still find yourself in trouble with HMRC for paying too little tax!
To help you get it right, here’s an explanation of the rules regarding travel and accommodation expenses for sole traders. It explains what you can, and can’t, include as legitimate costs in your business accounts. (more…)
As more and more people choose to work from home, the question of how you can reclaim any home office expenses is frequently asked.
The general HMRC rule for claiming tax relief on business expenses is that you can only reclaim costs that have been ‘wholly and exclusively’ incurred in connection with your trade.
There are lots of financial incentives out there for businesses in the high-tech sector at the moment, but many businesses are not claiming all they are entitled to because they simply aren’t aware that they can.
If you are organising a well-deserved works party this Christmas HFM Accountants have summarised the current tax reliefs available: (more…)