Posts Tagged: expenses

What happened? Why is my personal tax bill so big?

Did January end with a shock for you? Was your personal tax bill a lot bigger than you expected? Maybe the scenario below sounds familiar? Mark is in his full year of self employment and everything is going well. He did a tax return last year but there was only a few months self employment included so no… Read more »

I’ve heard that travel and subsistence expenses are changing?

In summer 2015 HMRC held a consultation on Employment Intermediaries and Tax Relief for Travel and Subsistence. This dry sounding title was enough to strike fear into many hearts. The consultation was looking at who should be eligible for travel and subsistence expenses, focusing those who are employed through an intermediary such an agency, umbrella… Read more »

Lunch is on me! What can I claim for entertaining?

I’ll put it on expenses. Let me take you out to lunch.  I’ll get this. I’ll put it through the business. It sounds great and it certainly happens a lot on TV and in films, but what is actually allowed in the real world? There is a lot of confusion between subsistence and entertaining and… Read more »

What business clothing can I include in my expenses?

If you are going to dress for success in your business, then surely it is a allowable business expense? Unfortunately not. This is an area that causes a lot of disappointment for our clients as HMRC are very strict about what clothing is allowed. You will probably be surprised by how little business clothing you can actually include. Why… Read more »

What start up expenses can I include for my business?

Can I include business expenses before I have any income?  Starting a new business can be expensive, with plenty of costs even before you have made your first sale. When you come to prepare your first year’s accounts for your new business, how do you know which start-up expenses you can include? When is my… Read more »

What can I include for use of home expenses?

Not only is there no place like home, but you can also save some tax by working there. So whether you work entirely from home, or just do your invoicing from the kitchen table, you can claim an element for use home as an office in your business expenses.  Self Employed (sole traders and partnerships) You… Read more »

How do I budget for my tax bill? Part 1 – self employed

For many small businesses, December and January can very stressful. Not only are there Christmas expenses to meet, often with less income over the Christmas period, but you are also waiting with dread to find out what your January tax bill is going to be. Will there be enough money to cover everything? How will… Read more »

Stocking fillers – 6 top tax tips to help you save over Christmas

HMRC offers some chocolate coins and some lumps of coal to businesses over the Christmas period. We’ve put our top tips together for you. Christmas Parties Good News – You can celebrate Christmas on the company. You can have a Christmas party as a business expense up to an average £150 per person. It must… Read more »

Claiming for business motor expenses

You have a car, you use it for work, so you want to include it as a business expense, simple surely? Unfortunately, it’s not – travel, and in particular motor expenses are more complicated than your sat-nav directions on a bad day. Here is the what, why and how of motor to help you navigate through. What counts… Read more »