Did you know you can claim these as a business expense?
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 [...]
Can you claim your Christmas party as a business expense?
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 [...]
Could you benefit from the Rent a Room scheme?
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 [...]
Claiming interest on buy-to-let mortgages as a contractor
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 [...]
Thinking about changing your company car? Why waiting until 2020 could be a good idea
If you’re a contractor who is thinking of purchasing an environmentally friendly company car through your limited company, due to the car benefit changes, you may be better off waiting until 2020 to do it. Tax on company cars [...]
5 ways to increase your take-home pay
One reason why people choose to become contractors is that they can have the ability to earn more than they did as an employee. This is because they can charge higher rates and if they think about how they structure [...]
Can I reclaim expenses from before I formed my limited company?
If you spent money on setting up your business before you incorporated it, you may be able to claim for some or all of these pre-trading expenses, as long as they are legitimate business expenses. This article looks at [...]
How to claim childcare costs as a contractor
Childcare costs in England are one of the highest in Europe, according to research by the OCED. The average cost for a child under two in nursery, is £122.46 per week (on a part time basis) and £232.84 per [...]
5 surprising expenses that you can claim for
The life of a contractor is very different to that of an ‘employee’. One of the biggest differences is the structure of work. There will be periods where you are working flat out and there may be times when things [...]
5 top tips to organise your company costs and expenses
Working as a contractor may be new to you, or it may be something that you have been doing for a while. Whatever stage of the contractor life-cycle you're in, there are some things that are good to be reminded [...]
Travel Expenses: The 24-Month Rule Explained
Last week we discussed what HMRC class as an ‘allowable expense’. We stressed the importance that expenses must be ‘wholly, exclusively and necessarily’ incurred for the use by the business. This week we’re continuing with the same theme and [...]
Ask an Expert: What You Need to Know About Expenses
When we start working with a contractor, one of the first questions we get asked, is, “As a contractor working through my own limited company, can I claim for business expenses?" followed by, “What expenses can I claim for?” You’ll [...]
Changes to childcare vouchers – what it means for contractors
The date is set. From 6th April 2018, the childcare voucher scheme will close to new applicants. Those already in the scheme can continue to use it. This week’s article delves into the change and discusses what it means [...]
Use This Trick to Fund Your Staff Party This Year
As the nights grow cold and dark, thoughts naturally turn to celebrating the end of another year. With hard work (and a little luck), you will have plenty to be proud of and find your business in an even [...]
Christmas expenses guide
You can claim for an annual party (it doesn’t have to be a Christmas party but must be an annual event). The cost is limited to £150 (including VAT) per employee or director.