Donations
Donations If you’re donating money to charity there are a few things you should be aware of, and a couple of hidden tax traps you may not know about. Paying personally If you donate to a registered charity in your own name you can opt to donate under the Gift Aid scheme. This means that […]
Top tax tips: Mobile phone in the company name
Top tax tips: Mobile phone in the company name Mobile phones are an essential item for the majority of contractors, both for business and personal use. For most people, it’s almost impossible to imagine being able to function properly without one. When it comes to making the most of your tax breaks through your business, […]
Christmas party expenses
Christmas party expenses As we’re now approaching the festive season thoughts are turning towards that well known annual corporate event, the Christmas Party. After working hard all year most people expect to have some kind of work function, whether it’s a slap up meal in a local restaurant or a full on party into the […]
Depreciation and capital allowances
Depreciation and capital allowances Most contractors will purchase items for business purposes which will have a useful life for over a year, or even for several years. These items could be things like a computer, office furniture or telephone equipment. Such purchases could also potentially include goods and services associated with research and development, as […]
Benchmark scale rates – what they are and how they apply
Benchmark scale rates It can sometimes be difficult to get receipts for expenses incurred on business related travel and overnight stays. This can make things tricky for employers and employees alike. To make things easier HMRC developed a system of approved standard rates which are the maximum amounts which are free from tax and NICs paid by […]
Allowable annual events
Allowable annual events – why they don’t have to be just once a year Many companies provide social events for their employees to boost morale, or as a corporate ‘thank you’ to their staff for the work they’ve done throughout the year. For tax purposes it’s possible for some or all of the cost of these events […]
Claiming subscriptions through your company – what can you claim?
Claiming subscriptions through your company For many contractors the payment of subscriptions and professional membership fees are an essential expense. A Limited Company can pay or reimburse these costs for their employees in accordance with HMRC rules. As Limited Company contractors are employees of their company, these costs can be treated in the same way. Company […]
Training costs
Training costs The majority of contractors will invest in training at some point in order to keep their skills up to date and attractive to potential clients. For some this will also be a requirement of a professional membership, as part of their continued professional development (CPD). As courses can be expensive it’s preferable to […]
Renting accommodation as a contractor
Renting accommodation as a contractor When is it a benefit in kind? Can the company pay my rent? What if it’s a second place I’m renting? It’s quite common for Limited Company contractors to work at a client location which is a long way from home. Many decide it would make sense and be easier […]
Cycle to work scheme
Cycle to work scheme – what is it, how much can you claim, how does it work? The cycle to work scheme is a government initiative designed to support and encourage employees to cycle to work. The idea behind the scheme is that this will contribute to healthier employees which has benefits for both the […]