Expenses

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24-month rule for travel and subsistence explained

2020-04-30T15:35:44+01:00By |

Being a director of a limited company, entitles you to claim for legitimate expenses that relate ‘wholly, exclusively and necessarily for the running of the business.’ A full list of allowable business expenses is available in our Expenses Guide. Included on this list are travel and subsistence expenses. But it may not come as a [...]

Did you know you can claim these as a business expense?

2020-04-30T15:35:44+01:00By |

At the last count, unclaimed business expenses cost UK small businesses a whopping £238 million each year. That’s a lot of money that could be lining small business owner’s pockets. We constantly remind the contractors we work with to claim for everything they’re allowed to because expenses are off-set against the profit they pay Corporation [...]

Can you claim your Christmas party as a business expense?

2020-04-30T15:35:44+01:00By |

Christmas is a great time for celebrating and reflecting on your achievements over the last year. Contractors often ask us if they can claim the cost of a Christmas ‘do’ as an allowable business expense. The good news is that ‘Yes’, you can, but of course there are some criteria that must be met. If [...]

Could you benefit from the Rent a Room scheme? 

2020-04-30T15:35:45+01:00By |

Do you have a spare room in your home? Maybe your kids have grown up and have moved out? Or, you’ve moved into a new property and you find you have spare space?  Instead, of converting this space into a home gym that you’ll never use or using the room as a storage space, with [...]

Claiming interest on buy-to-let mortgages as a contractor

2020-04-30T15:35:45+01:00By |

Anyone who has rental property or works in tax will know about the relatively recent changes HMRC have made to how landlords are allowed to claim the interest on their mortgages. See below: % of Mortgage Interest can be deducted from profits % available as a basic rate deduction Prior Years 100% 0% 2017-18 75% [...]