Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company?"

Transcription

1 Guide to Expenses

2 Introduction to expenses One of the most common questions we get asked is what expenses can I claim through my limited company? A limited company is not a panacea for claiming in all manner of expenses and HMRC has a manual over 100 pages in length describing what they define as allowable expenses. The basic premise is that any expense incurred wholly and exclusively for the purpose of carrying on the business will generally be allowable as expense that is capable of getting tax relief. Keeping track of expenses is one of the chores of running your own limited company. You ll rack up a long list of expenses from paper clips and pens to building rents and salaries. As a director you need to know what you have to account for, how to do it, and what expenditure you re entitled to claim back. Dual Purpose expenses As you go through the allowable expenses in this document, you will come across reference to duality of purpose. What this means in practice is that if any expense has a taint of personal benefit then the expense will be disallowed as it isn t wholly for the purpose of the trade but has another, personal benefit. This is why, for example, the cost of clothing or popping into see a business contact while enjoying a holiday are disallowed. Tax relief on expenses? Companies are taxed on their profit. Tax relief means that your company can deduct the expense from its revenues in determining the profit for tax purposes. As you will see, some expenses can be paid for by a company but not allowed to reduce the profit for tax purposes. Dividends are not expenses, they are extractions of profit after taxation. Record Keeping In order to get the tax treatment you need, you need to keep accurate records. You re also legally required to keep company records for six years after their respective financial year-end, and HMRC can impose fines of 3,000 even during this period. Claiming limited company expenses Your company s expenses can be paid in two ways, directly from the company account or as a reimbursed expense when paid for by a director or employee personally using your own debit/credit cards or cash. With regards to reimbursed expenditure, directors can refund themselves at any time from the company bank account but must keep receipts to justify the expenditure. The rule of thumb when claiming for expenses is that you can only claim within HMRC s parameters, which define allowable expenses as being wholly and exclusively incurred in the performance of your duties.

3 Travel & subsistence Generally, HMRC only allows travel costs for employees who move between destinations during work, and not for those journeying to and from work. If you have worked for an umbrella company you may be familiar with a 5 or higher daily allowance for subsistence where no receipt is allowed. When running a limited company receipts for subsistence must be retained and only receipted costs claimed. The 24 month rule Travel expenses are allowable if you are traveling to a temporary workplace. HMRC defines a temporary workplace as temporary if you do not expect to be there for more than 24 months. According to HMRC, it ceases to be a temporary workplace if it is known it will be, or develops to be a place of continuous work for over 24 months. Note that a temporary workplace stops qualifying from the moment you know or reasonably expect to be at the workplace for more than 24 months, not when the duration of work reaches 24 months. Meals, tolls, congestion charges and parking fees can all be claimed for under travel and subsistence. The second part of the test for a place of work to be classed as temporary is that there must be a reasonable expectation of further work, at a different location, but still as an employee of your own limited company.

4 Company cars Generally, a company car provided for an employee or director involving any significant personal use creates a benefit-in-kind for the employee or director. The BIK for company cars are based on the list price of a brand new vehicle (irrespective of whether the vehicle acquired is brand new) and its carbon dioxide emissions. If a car is leased by the company, the full cost of leasing it is allowable as a company expense but the employee or director is taxed personally. Note that most Benefit s In Kind will attract National Insurance of 13.8%. Mileage Claims If you use your personal vehicle (car) for business travel you can claim the following rates without challenge by HMRC: 0.45 per mile up to 10,000 miles 0.25 per mile thereafter Company motorcycles There are no special rules for company motorcycles. If the use of the motorcycle is solely for business use and any personal use is incidental, then there will be no benefit -in-kind charge to the individual as long as the individual pays the company for all and any personal use. If your private motorcycle is used for travel then mileage can be claimed at 0.20 per mile without issue. Business Travel Air fares, trains and ferries can also be claimed under business travel. Tolls, congestion charges and parking fees are all allowable expenses. However, parking fines receive no tax relief.

5 Salaries A salary paid to you as an employee or as the director of your company is regarded as an allowable expense, as are any National Insurance contributions. Providing you fall outside of IR35 legislation and have no contract of employment between yourself as the director and your company, you may choose the level of your salary. To put it simply, IR35 is used to determine whether you are employed by your client or providing self-employed contracting services through your limited company. You may pay a tax-efficient salary up to the National Insurance threshold, i.e. before you become liable to start paying contributions. You will save money by paying the lower monthly salary because after you cross the threshold you will have to begin paying NICs. Mobile phones, telephones and internet Your company can provide a mobile phone for your use without creating a benefit-in-kind, however, it cannot get relief for paying your mobile phone contract unless the contract is in the company s name. If that is the case, then the personal use is irrelevant and the company gets full tax relief and you are not subject to a benefit-in-kind. With regards to the internet, if the rental is set up in the company s name and there is no significant personal use then there are no taxable benefits. However, if the line is set up under your personal name then you can only charge a portion of the cost to business use.

6 Accountancy fees You can claim relief for the full cost of your company s accountancy fee, providing their professional time is being spent working on your company s accounts and not your own personal accounts. If they do provide paid advice or time working on your personal accounts this will be taxable and need to be recorded as a benefit in kind. Accommodation whilst on business travel Full tax relief can be claimed on accommodation used when traveling for business-related purposes, providing the expense is reasonable and not excessive. HMRC will likely question the necessity for you to stay in luxury 5 star accommodation. However, there may be a justification for doing just that but we recommend you follow a more conservative approach. We think the more reasonable your expenses are, the less likely they are to be challenged by HMRC. Lunch is reclaimable whilst on business travel if you exceed five working hours, this cover extends to dinner if you are working for ten hours. Can I claim rent as a business expense? You can claim rent if you are staying away from home e.g. renting a flat in town during the week and returning to a residence that you own elsewhere at weekends.

7 The use of your home as an office If it is necessary for you to work at home and not just for conducting additional work outside of the office, then you are entitled to 4 a week cover without having to report it to HMRC. However, if you exceed the prescribed limit, your claim may come under scrutiny by HMRC, so we recommend that you only make one if it s absolutely necessary. When claiming you will need to provide proof of a fully functional and exclusively designated work space, and that you actually use this work space for your business. Because your house is used as both a business and personal space, it s practically impossible to calculate how much gas, electricity and insurance cover your business area consumes. Beware of losing your PPR Be careful if you do go through the rigorous exercise of defining how much of your residence is your home office. Aside from paying business rates you will lose Principle Private Residence Relief on that part of your house which is your home office. You have to make a genuine and proportionate estimate with regards to what s actually being used for business purposes. For example, a four room house in which one room is designated to your work will usually allow you to claim a quarter of the total relevant expenses, as long as a lease agreement has been arranged between you and your company for your company to rent the office from you. If you work from home and are the company s only staff member you can claim a proportion of your council tax cost. However, depending on how much you use your home for business, you may have to pay business rates rather than council tax.

8 General office purchases Minor purchases with receipts that are used wholly and exclusively and necessarily in the performance of your duties are claimable. This includes postage, computer consumables and office stationery. Gifts A gift to an employee may be treated as a benefit-in-kind and taxed accordingly, unless it is considered a trivial gift. A gift to someone outside of the company that doesn t consist of food, drink, tobacco or vouchers and is under 50 per annum does qualify for tax relief. Medical insurance Your company may provide financial support towards medical insurance for employees. However, unless it is part of their one free check a year, it will be regarded as a benefit in kind and your company will be liable to National Insurance at 13.8%. Pensions Once your company has set up a contract with a pension provider it can provide payments to your pension and receive 100% tax relief as an allowable business expense. There is a no limit to how much you can contribute to pensions through your company. HMRC may however challenge excessive pension contributions. Professional subscriptions Claims to certain HMRC approved professional bodies which are relevant to your employment are allowed. If it is not directly relevant then it is strictly prohibited. Office Equipment The cost of anything that is necessary and essential for your duties as a director will receive tax relief. This covers computers, printers and software. You may also claim reasonable relief towards the cost of equipping/furnishing an office, e.g. chairs, bookcase. This may appear to hold a dual purpose, but it is allowed because it is a consequence of a business necessity. Provided your personal use is insignificant it will not be treated as a benefit-in-kind and you will not have to pay National Insurance or income tax on it.

9 Staff Entertaining You are entitled to entertain staff, most commonly a Winter party, as a tax-free benefit, providing you meet certain conditions. You may invite a partner but you must not exceed expenditure of 150 per head (including VAT). The event must cater mainly for staff. For example, expenses for one director and a plus one would be acceptable and would give you a budget of 300. However, if the attendants are not mainly employees then it would be difficult to argue the event s main purpose is to entertain staff. Note that the 150 budget is not an allowance and if you spend a penny more, the whole amount is not deductible. Entertainment of customers or suppliers Business entertainment is not an allowable expense and all claims for entertainment will be taxed. The company can still cover the costs but this will be added back to its profits before Corporation Tax is calculated. The effect of disallowable expenses is to decrease the reserves that can be paid out as dividends. Clothing Clothing may not usually be claimed as a tax deductible expense because it has a dual purpose. So if your business is PR, for example, and it is necessary to attend formal functions, your new outfit is not deductible. The exception to the rule is safety clothing and uniforms.

10 Eyesight tests & spectacles You can claim for vision tests providing it is necessary for the initial or continued use of visual display equipment in your duties. However, you are unable to claim for glasses as they offer a dual purpose and are not exclusively related to business use, unless they are prescribed during your time at work for visual display. Company formation fees Any necessary preliminary costs to running your company can be claimed back the same as if they were incurred now you re trading. This covers all the relevant expenses, anything from printing to supplying the necessary equipment for your company. Any accountancy fees or mandatory formations costs you paid can also be claimed. Charitable donations Donations made to a registered charity, providing they are wholly and exclusively for the purpose of trade, will grant you tax relief on your company s taxable income. You can still receive some relief even if the purpose is not trade related. Childcare vouchers If pay is within the basic rate band you are able to provide each employee with up to 243 per month in childcare vouchers which will get tax relief, providing the employee meets certain conditions. For higher rate tax earners the amount is 124 per month and additional rate tax payers it is 110 per month. There are two ways in which you can allocate payment: by direct agreement with a childcare provider, or through a voucher scheme. If you decide to go through a direct channel, you will need a letter between you and the provider confirming the amount you intend on paying. A child is eligible up to his or her 15th birthday (16th if disabled). In order to qualify for childcare you or your employer must meet the subsequent conditions: Must have the child/stepchild living with you Be the one providing the maintenance costs for the child Use a registered carer. You cannot use a relative as a carer unless they run a childcare business and are looking after other children also

Expenses guide 2013/2014. Unlimited accountant support and online software

Expenses guide 2013/2014. Unlimited accountant support and online software Expenses guide 2013/2014 Unlimited accountant support and online software 033 3311 8000 Expenses guide 2013/2014 Contents: It s no small feat running a company and one that is going to inevitably rack

More information

What Can I Claim In Expenses?

What Can I Claim In Expenses? What Can I Claim In Expenses? Please remember that as a sole director of a limited company, the HMRC view you and your company as separate legal entities. As such, some items that the company cannot claim

More information

Newsletter. Business Bulletin August Tax tips for small business owners. Corporation tax payable by ABC Ltd 0

Newsletter. Business Bulletin August Tax tips for small business owners. Corporation tax payable by ABC Ltd 0 August 2014 Tax tips for small business owners Limited company - tax efficient profit extraction Newsletter One of the benefits of operating as a limited company is the ability to structure how the owners

More information

We recommend reading this document after joining ICS and referring to the relevant section below when necessary:

We recommend reading this document after joining ICS and referring to the relevant section below when necessary: Expenses Expenses Policy This document outlines the expenses you are allowed to claim as an employee working for ICS Umbrella Ltd. These guidelines will help ensure you are compliant with HM Revenue &

More information

CONTENTS. Page 2 of 9. 1.0 Introduction page 2. 9.0 Home phone and internet page 8. 10.0 Work related training page 8. 2.0 Business travel page 5

CONTENTS. Page 2 of 9. 1.0 Introduction page 2. 9.0 Home phone and internet page 8. 10.0 Work related training page 8. 2.0 Business travel page 5 CONTENTS 1.0 Introduction page 2 2.0 Business travel page 5 3.0 Subsistence page 6 4.0 Accommodation page 6 5.0 Use of home as office page 7 6.0 Insurance page 7 7.0 Accounting fees page 7 8.0 Mobile phones

More information

Orange Genie Cover Limited BUSINESS EXPENSES POLICY

Orange Genie Cover Limited BUSINESS EXPENSES POLICY Orange Genie Cover Limited BUSINESS EXPENSES POLICY Page 1 of 8 What are business expenses? Business expenses are the costs you incur whilst performing the duties of an assignment whilst in our employment.

More information

Refer us a friend today and receive 100 EXPENSES GUIDELINE

Refer us a friend today and receive 100 EXPENSES GUIDELINE Refer us a friend today and receive 100 EXPENSES GUIDELINE CONTENTS Limited company expense guidelines 1 Business Expenses 2 Salaries 2 Travel and Subsistence Expenses 2 Business Mileage 3 Company Car

More information

RACS Group Helpline... EXPENSES CLAIM PROCEDURE GUIDE. Introduction

RACS Group Helpline... EXPENSES CLAIM PROCEDURE GUIDE. Introduction Introduction What are business expenses? Genuine BUSINESS EXPENSES are those that are incurred wholly, exclusively and necessarily in order to perform the duties of an assignment. The benefits of claiming

More information

EXPENSES HANDBOOK 2016

EXPENSES HANDBOOK 2016 EXPENSES HANDBOOK 2016 The SmartWork Expenses Handbook is a comprehensive guide to what can be claimed as a legitimate business expense. The expenses policy follows guidelines set out by Her Majesty s

More information

Benefits in kind guide. Unlimited accountant support and online software

Benefits in kind guide. Unlimited accountant support and online software Benefits in kind guide Unlimited accountant support and online software 033 3311 8000 Benefits in kind guide Contents: Benefits in kind are benefits which employees or directors receive from their company

More information

SOLE TRADER & SELF EMPLOYMENT GUIDE

SOLE TRADER & SELF EMPLOYMENT GUIDE Sipher Accounting & Tax Chartered Certified Accountants and Business Advisers Email: info@sipheraccounting.com Website: www.sipheraccounting.com SOLE TRADER & SELF EMPLOYMENT GUIDE SIPHER ACCOUNTING &

More information

Quantic UK s guide to Limited Company tax deductible expenses

Quantic UK s guide to Limited Company tax deductible expenses Quantic UK s guide to Limited Company tax deductible expenses QUK.06/14-1000/1 Yarmouth House Trident Business Park Daten Avenue Warrington WA3 6BX quanticuk.co.uk info@quanticuk.co.uk T: 033 3323 1199

More information

Scenario Corporation tax implications Employment tax implications VAT implications

Scenario Corporation tax implications Employment tax implications VAT implications Scenario Corporation tax implications Employment tax implications VAT implications Staff internal lunches Expenditure relating to internal lunches or snacks is an allowable deduction for corporation tax

More information

Tax Tax Revenue Capital VAT

Tax Tax Revenue Capital VAT EXPENSES CLAIMS AND ALLOWANCES There is in accounting terms no limit to what can be paid via a company, however many items will not be allowable for tax or vat purposes. This could mean putting the expenses

More information

SIPHER ACCOUNT- ING & TAX SOLE TRADER & SELF-EMPLOYMENT GUIDE. Our prices start at 95 for personal tax returns and 250 for sole trader accounts

SIPHER ACCOUNT- ING & TAX SOLE TRADER & SELF-EMPLOYMENT GUIDE. Our prices start at 95 for personal tax returns and 250 for sole trader accounts Our prices start at 95 for personal tax returns and 250 for sole trader accounts SIPHER ACCOUNT- ING & TAX SOLE TRADER & SELF-EMPLOYMENT GUIDE Specialists advice for: Dentists; Doctors; Plumbers; Cab drivers;

More information

VAT guide should I register for VAT?

VAT guide should I register for VAT? VAT guide should I register for VAT? associates ltd Should I register for VAT? This guide will give you an understanding as to whether you should register, what the various schemes are for small businesses

More information

THE UNIVERSITY OF BIRMINGHAM. Current as from 28/04/2014

THE UNIVERSITY OF BIRMINGHAM. Current as from 28/04/2014 THE UNIVERSITY OF BIRMINGHAM Expenses Policy Current as from 28/04/2014 Introduction and Policy Overview The University s overriding policy is that economy should be exercised in the purchase of all goods

More information

Business Expenses Guide

Business Expenses Guide Business Expenses Guide Sole Trader What is this about? Each year, your business must prepare a set of accounts for HM Revenue & Customs (HMRC). These accounts calculate the business profits on which you

More information

1.1 Frequently Asked Questions

1.1 Frequently Asked Questions Business Expenses 1.1 Frequently Asked Questions... 2 1.1 Do I need a separate business bank account?... 2 1.2 I ve put both business and private expenses through my business bank account?... 2 1.3 I have

More information

A contractors guide to operating a limited company

A contractors guide to operating a limited company A contractors guide to operating a limited company Index 1) About us 2) Our services 3) Bank accounts 4) Payroll, PAYE & National Insurance requirements 5) VAT requirements 6) Corporation tax 7) Obligations,

More information

Engine size Up to 1400 Up to 1600 1401-2000 1601-2000 Over 2000

Engine size Up to 1400 Up to 1600 1401-2000 1601-2000 Over 2000 Summary of the Expenses Policy for Senior Managers Please note that this summary does not apply to BBC Studios and Post Production, BBC Worldwide or BBC Performing Groups. Important principles and how

More information

Running a limited company

Running a limited company 01 RUNNING A LIMITED COMPANY CHARTERED ACCOUNTANTS Running a limited company Supportive. Effective. Efficient. Experts in tax and finance. Running a limited company When you decide to start a limited company

More information

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits:

Employment status: employee in terms of employment law. generally taxed as employees. Tax on profits: Sole trader Vs Limited company The comparison is for a trading business. Many of the points summarised here are not relevant if you want to compare individuals or companies that manage investment business.

More information

Danbro Expenses Policy

Danbro Expenses Policy Umbrella Services Danbro Expenses Policy A summary of expenses you can claim while working through Danbro. Applicable to all employees who joined Danbro on or after 7th July 2014. Accounting Solutions

More information

Should I be registered for VAT?

Should I be registered for VAT? one Should I be registered for VAT? If your turnover (not profit, note) is more than 77,000 a year, you have no choice. You must register for VAT. But if your turnover is less than 77,000 a year, you may

More information

Fundamentals Level Skills Module, Paper F6 (UK)

Fundamentals Level Skills Module, Paper F6 (UK) Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 205 Answers and Marking Scheme Section A A 2 D Output VAT 408 x 20/20 = 68 Input VAT 600 x 20/20 = 00 3 A 6,00 (23,700

More information

Exchequer Accountancy Services Guide to running and managing your Limited Company

Exchequer Accountancy Services Guide to running and managing your Limited Company accountancy Exchequer Accountancy Services Guide to running and managing your Limited Company Exchequer Accountancy Services Limited, 1st Floor, The Exchange, 1 St John Street, Chester CH1 1DA T 033 3323

More information

Year end tax planning

Year end tax planning Year end tax planning YEAR END TAX PLANNING 2013/14 Income tax saving for couples You might be able to save tax by switching income from one spouse or partner to the other. From the start of the next tax

More information

21 Tax Saving Tips Tax & Accounts www.hfmtax.co.uk

21 Tax Saving Tips Tax & Accounts www.hfmtax.co.uk 21 Tax Saving Tips Tax & Accounts www.hfmtax.co.uk Everyone wants to save tax and, although there are complex tax savings schemes available, some tax savings are simple. You just need to take some care

More information

Expenses Procedure Guide

Expenses Procedure Guide Expenses Procedure Guide racsgroup.com info@racsgroup.com Expenses Team The expenses team helps contractors submit their legitimately-incurred business expenses efficiently either online, by fax or by

More information

SHEFFIELD HALLAM UNIVERSITY STAFF EXPENSES POLICY MARCH 2015

SHEFFIELD HALLAM UNIVERSITY STAFF EXPENSES POLICY MARCH 2015 SHEFFIELD HALLAM UNIVERSITY STAFF EXPENSES POLICY MARCH 2015 Owner: Louise Walsh Version number: 1.1 Last revised date: 16.11.15 (Minor changes) Next revised date: 01.03.16 Contents 1 Introduction... 4

More information

Guide to Running a Limited Company

Guide to Running a Limited Company clear thinking, positive solutions Guide to Running a Limited Company www.rdpnewmans.com Contents Company Foundations 01 Companies House Registration 01 Company Officers 01 Shareholdings 01 Bank Accounts

More information

ENQUIRY ISSUES. Travel Expenses. Private Expenses. Private Proportions

ENQUIRY ISSUES. Travel Expenses. Private Expenses. Private Proportions Travel Expenses HMRC asking for copies of detailed mileage logs as confirmation of business journeys. Need to ensure clients are keeping these and they are being updated in year as opposed to being created

More information

UK EXPENSES POLICY. Expenses claimed outside of this policy will need Executive Management authorization.

UK EXPENSES POLICY. Expenses claimed outside of this policy will need Executive Management authorization. UK EXPENSES POLICY AVEVA will reimburse all reasonable costs associated with travel on Company business. The employee should adopt a prudent approach to claiming expenses and all claims must be supported

More information

SRUC will only reimburse the actual receipted amount except where a specific allowance applies.

SRUC will only reimburse the actual receipted amount except where a specific allowance applies. Business Expenses Policy Policy Statement SRUC will reimburse appropriate business expenses for all approved business travel. Appropriate business expense levels are set out in the various business expenses

More information

Travel and Expenses Policy and Procedures

Travel and Expenses Policy and Procedures Travel and Expenses Policy and Procedures ELT manager Responsible officer Director of Finance & Corporate Services Facilities Manager Date first approved by BoM 12 April 2016 First Review Date April 2019

More information

Guide to running a limited company. Great partnerships start here...

Guide to running a limited company. Great partnerships start here... Guide to running a limited company Great partnerships start here... Contents Company Foundations... 01 Companies House Registration... 01 Company Officers... 01 Shareholdings... 01 Bank Account... 01 Disclosure...

More information

TAX PLANNING FOR LIMITED COMPANY FREELANCERS AND CONTRACTORS

TAX PLANNING FOR LIMITED COMPANY FREELANCERS AND CONTRACTORS TAX PLANNING FOR LIMITED COMPANY FREELANCERS AND CONTRACTORS 2016/17 E-Book by JF Financial Management Limited Contents Disclaimer... 3 Introduction... 4 Limited companies - an introduction... 5 Corporation

More information

Most of the hard work of setting up and running a Limited Company is at the beginning of the process which Exceed will be able to assist you with.

Most of the hard work of setting up and running a Limited Company is at the beginning of the process which Exceed will be able to assist you with. Limited Companies Introduction Forming a Limited Company may appear to be very daunting to some people, and it is true that a lot of legislation is in place relating to company formation and operation.

More information

TAX SEMINAR. The New Cash Basis Explained. 2 December 2013

TAX SEMINAR. The New Cash Basis Explained. 2 December 2013 TAX SEMINAR The New Cash Basis Explained 2 December 2013 1 THE OLD CASH BASIS The old cash basis is a special basis of accounting available to self-employed barristers during their first seven years of

More information

What Expenses can I Claim Through a Limited Company?

What Expenses can I Claim Through a Limited Company? What Expenses can I Claim Through a Limited Company? E: info@aidhanfinancial.com W: www.aidhanfinancial.com Find out what expenses you can claim as a contractor or freelancer to help you minimise your

More information

Contractor s Guide to Expenses Step-by-step Guide

Contractor s Guide to Expenses Step-by-step Guide Contractor s Guide to Expenses 1 2 3 Step-by-step Guide S J D Accountancy Chartered Tax Advisers and Accountants Contracting through your own Limited Company Who are SJD Accountancy? SJD Accountancy are

More information

How to calculate your taxable profits

How to calculate your taxable profits Helpsheet 222 Tax year 6 April 2013 to 5 April 2014 How to calculate your taxable profits A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200 3310 the

More information

Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business.

Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business. Guide to Self-Employed Expenses Whether you re a plumber, a mobile hairdresser or a physiotherapist you ll incur costs as a result of running your business. We ve put together a quick summary of the expenses

More information

Volunteering expenses

Volunteering expenses Volunteering expenses Summary Whilst unpaid, volunteering shouldn t cost a volunteer anything either. That s why it s good practice to reimburse a volunteer for expenses incurred in the course of their

More information

Summarised Expenses & Benefits Policy

Summarised Expenses & Benefits Policy Summarised Expenses & Benefits Policy Introduction 1. This summarised policy applies to all staff of the University of Aberdeen claiming expenses and benefits incurred in connection with University business.

More information

Britton Price Ltd. Expenses Policy. Release 1010 Ver1.3

Britton Price Ltd. Expenses Policy. Release 1010 Ver1.3 Britton Price Ltd Expenses Policy Release 1010 Ver1.3 Contents Introduction... 3 Expense reimbursement procedure... 3 Supporting evidence... 4 Overnight accommodation... 4 Overnight incidental expenses...

More information

VOLUNTEERS & EXPENSES

VOLUNTEERS & EXPENSES VOLUNTEERS & EXPENSES I N F O R M A T I O N S H E E T What do I need to know about? Best Practice Social Security Benefits Child Care Carers Taxation National Minimum Wage Volunteers who wish to donate

More information

You may also find the expenses area of our support centre a good source of additional information.

You may also find the expenses area of our support centre a good source of additional information. Tempo s Guide to Business Expenses You may also find the expenses area of our support centre a good source of additional information. Why should I record / claim business expenses? Your company s tax bill

More information

Guide. to starting a limited company

Guide. to starting a limited company Guide to starting a limited company Starting a Limited Company A Practical Guide to What You Should Know If you are thinking of setting up a limited company for contracting or you already have one, you

More information

Year End Tax Guide: 2014/15

Year End Tax Guide: 2014/15 Year End Tax Guide: 2014/15 A short guide to rates, reliefs and allowances available for use by 5 April 2015 Contents Personal tax and allowances Income and personal allowances 3 Capital gains tax 3 Inheritance

More information

focusedumbrella.co.uk Expenses Policy

focusedumbrella.co.uk Expenses Policy Expenses Policy Expense payments will be made in line with this Expenses Policy and therefore it is important that you read and understand this guide before submitting any claims. If you have any questions

More information

Non-Staff Travel, Subsistence and General Expenses Policy and Procedures

Non-Staff Travel, Subsistence and General Expenses Policy and Procedures Non-Staff Travel, Subsistence and General Expenses Policy and Procedures Responsible Officer Author Business Planning & Resources Director Corporate Office Date effective from December 1999 Date last amended

More information

Table of contents. Chapter 1 - Directors and employees. Chapter 2 - Travel expenses. Introduction... 1. Table of contents

Table of contents. Chapter 1 - Directors and employees. Chapter 2 - Travel expenses. Introduction... 1. Table of contents Table of contents Introduction.................................................. 1 Chapter 1 - Directors and employees 1.1. What is the position for employers?....................... 5 1.2. Are business

More information

Tax saving strategies prior to 1 July 2016

Tax saving strategies prior to 1 July 2016 2015/16 Individual Tax Return Checklist Your Checklist Claims for deductions Receipts for deductions Car claims and log books Please review the information below and contact our office if you need assistance.

More information

Pays directly for business travel on behalf of an employee. Provides travel facilities, such as a train ticket, for an employee.

Pays directly for business travel on behalf of an employee. Provides travel facilities, such as a train ticket, for an employee. Introduction This section explains the tax position of employees who travel for business purposes in the course of their jobs. Typically, this will involve employees using their own motor cars for business

More information

www.contractor-wizard.com INTRODUCTION TO CONTRACTING THROUGH A LIMITED COMPANY

www.contractor-wizard.com INTRODUCTION TO CONTRACTING THROUGH A LIMITED COMPANY www.contractor-wizard.com INTRODUCTION TO CONTRACTING THROUGH A LIMITED COMPANY INTRODUCTION TO CONTRACTING THROUGH A LIMITED COMPANY This guide aims to cover some of the legal, accounting, taxation and

More information

Institute of Certified Bookkeepers

Institute of Certified Bookkeepers Making you count Institute of Certified Bookkeepers Level III Diploma in Self-Assessment Tax Returns Completion 1 Level III Diploma in Self-Assessment Tax Returns Completion Course Code L3SAT Introduction

More information

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added

More information

CITROËN FLEET COMPANY CAR TAX, CAPITAL ALLOWANCES AND TAX DEDUCTIONS FOR BUSINESS

CITROËN FLEET COMPANY CAR TAX, CAPITAL ALLOWANCES AND TAX DEDUCTIONS FOR BUSINESS CITROËN FLEET COMPANY CAR TAX, CAPITAL ALLOWANCES AND TAX DEDUCTIONS FOR BUSINESS Benefit in kind Company car tax benefit in kind bik for employees 4 bik for employers 5 How is bik calculated? 6 bik for

More information

PUBLIC SERVICES OMBUDSMAN FOR WALES TRAVEL AND SUBSISTENCE POLICY

PUBLIC SERVICES OMBUDSMAN FOR WALES TRAVEL AND SUBSISTENCE POLICY PUBLIC SERVICES OMBUDSMAN FOR WALES TRAVEL AND SUBSISTENCE POLICY This document sets out the arrangements for reimbursement of expenses incurred by office staff that travel on official business. Official

More information

Travel and subsistence policy

Travel and subsistence policy Travel and subsistence policy Contents 1 Introduction... 3 2 Policy and principles... 3 3 Roles and responsibilities... 3 4 Dispensations... 4 5 Errors... 4 6 Travel costs... 4 7 Travel by road... 5 8

More information

Expenses Manual. All your expenses questions answered www.atlantic-umbrella.com V.010514

Expenses Manual. All your expenses questions answered www.atlantic-umbrella.com V.010514 Expenses Manual All your expenses questions answered www.atlantic-umbrella.com V.010514 Contents Atlantic Umbrella Expenses Manual... 3 Some Points to Remember... 3 Receipts... 3 Submitting Receipts Process...

More information

TRAVEL, SUBSISTENCE AND ENTERTAINING EXPENSES POLICY CONTENTS

TRAVEL, SUBSISTENCE AND ENTERTAINING EXPENSES POLICY CONTENTS TRAVEL, SUBSISTENCE AND ENTERTAINING EXPENSES POLICY CONTENTS Travel, Subsistence and Entertaining Expenses Policy 1.1 Introduction 1.2 Authorisation and Responsibility Travel 1.3 Home to Office Travel

More information

Travel and Subsistence Expenses Policy

Travel and Subsistence Expenses Policy Travel and Subsistence Expenses Policy Version No: Reason for Update Date of Update Updated By 1 Previous Policy Updated May 2016 Finance Office 2 3 4 5 6 7 Contents 1.1 Introduction and Scope... 2 1.2

More information

Introduction. How company cars are taxed. Calculating the cash equivalent

Introduction. How company cars are taxed. Calculating the cash equivalent Introduction Company cars remain a popular employment-related benefit despite the generally high income tax charges on them. The tax charge on company cars cars provided to employees by their employers

More information

Business Travel and Expenses

Business Travel and Expenses Business Travel and Expenses 1. Policy principles Employees will be reimbursed for mileage in line with HM Revenue and Customs (HMRC) rates for costs associated with travelling on business within the scope

More information

BOARD AND STAFF TRAVEL, SUBSISTENCE AND GENERAL EXPENSES POLICY AND PROCEDURES

BOARD AND STAFF TRAVEL, SUBSISTENCE AND GENERAL EXPENSES POLICY AND PROCEDURES BOARD AND STAFF TRAVEL, SUBSISTENCE AND GENERAL EXPENSES POLICY AND PROCEDURES Responsible Officer Business Planning & Resources Director Author Staff Involvement Forum Policy Sub Group Date effective

More information

EXMOOR NATIONAL PARK AUTHORITY DRAFT SCHEME OF MEMBERS ALLOWANCES 2015/16

EXMOOR NATIONAL PARK AUTHORITY DRAFT SCHEME OF MEMBERS ALLOWANCES 2015/16 EXMOOR NATIONAL PARK AUTHORITY DRAFT SCHEME OF MEMBERS ALLOWANCES 2015/16 1. INTRODUCTION Exmoor National Park Authority s scheme provides for payment of:- A Basic Allowance which is a flat rate payable

More information

A For more about the records you need to keep, go to. Your name. Paul Smith. 1 Description of business. 2 Postcode of your business address

A For more about the records you need to keep, go to. Your name. Paul Smith. 1 Description of business. 2 Postcode of your business address Self-employment (short) Tax year 6 April 2014 to 5 April 2015 (2014 15) Use these notes to help you fill in the Self-employment (short) pages of your tax return You should fill in the Self-employment (short)

More information

Reclaimable expenditure

Reclaimable expenditure Essex County Council promotes sustainable business travel and has set out how this is achieved in practise through its Sustainable Business Travel policy (SBT). Each department and individual should therefore

More information

DATE APPROVED June 2002

DATE APPROVED June 2002 Page 1 of 9 APPROVED (S) REVISED / REVIEWED SUMMARY Version Date Comments / Changes 1.0 Initial Policy Released 2.0 February 2003 Revised 3.0 September 2003 Revised 4.0 August 2004 Revised 5.0 January

More information

UNIVERSITY TRAVEL POLICY Effective immediately.

UNIVERSITY TRAVEL POLICY Effective immediately. UNIVERSITY TRAVEL POLICY Effective immediately. Introduction: Objectives: Scope and Application: Safety: Passports: This document defines the policy for travel on University business, including overnight

More information

Tax optimisation strategies for your Limited Company. inniaccounts Ltd

Tax optimisation strategies for your Limited Company. inniaccounts Ltd Tax optimisation strategies for your Limited Company inniaccounts Ltd Tax optimisation strategies for your Limited Company 1. Preface 2. Section 1: Maximising business expenses to reduce your tax bill

More information

Ministry of Finance & the Public Service Tax Administration Jamaica

Ministry of Finance & the Public Service Tax Administration Jamaica Ministry of Finance & the Public Service Tax Administration Jamaica REVISED TECHNICAL NOTE Personal Income Tax Threshold & Rate FY 2016/17 Revenue Measures June 30, 2016 Table of Contents PURPOSE.3 LEGISLATION...

More information

Fees and Expenses Policy for HCPC Partners

Fees and Expenses Policy for HCPC Partners INTRODUCTION Fees and Expenses Policy for HCPC Partners 1. This policy sets out rules and guidance for Partners on how their fees will be paid and how to claim their expenses while carrying out work on

More information

The Comprehensive Service

The Comprehensive Service The Comprehensive Service At PML Accounting Ltd, we understand that business affairs need to be dealt with efficiently and effectively. Therefore, we have utilised and further developed a specialist accounting

More information

Contract for Services Expenses Policy and Procedures

Contract for Services Expenses Policy and Procedures Contract for Services Expenses Policy and Procedures Contents 1. Summary of rates... 3 2. Public sector philosophy and accountability... 4 3. Principles... 4 4. What can be claimed?... 4 5. What cannot

More information

Childminders. Information about Tax and National Insurance 2012-2013. HMRC Business Education & Support Team

Childminders. Information about Tax and National Insurance 2012-2013. HMRC Business Education & Support Team Childminders Information about Tax and National Insurance 2012-2013 HMRC Business Education & Support Team Index Page Introduction 2 Registration 2 National Insurance Contributions (NICs) 3-4 How to work

More information

BUDGET TAX GUIDE

BUDGET TAX GUIDE 2016 BUDGET TAX GUIDE 1 2 This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2016/17. INCOME TAX: INDIVIDUALS AND TRUSTS

More information

THE TAXATION OF COMPANY CARS. Calculating the cash equivalent

THE TAXATION OF COMPANY CARS. Calculating the cash equivalent THE TAXATION OF COMPANY CARS Company cars remain a popular employment-related benefit despite the fact that income tax charges on them are generally high. The benefit of having a company car available

More information

A step by step guide. Contracting through your own limited company.

A step by step guide. Contracting through your own limited company. A step by step guide. Contracting through your own limited company. Our straightforward guide At Simplyco, we believe in making life less complicated. That s why we created this straightforward guide to

More information

Before beginning your journey there are a number of things you will need to consider, with the most important being finance.

Before beginning your journey there are a number of things you will need to consider, with the most important being finance. Whether you have just started your own small businesses, or you are a budding entrepreneur with big aspirations, there has never been a better time to work for yourself. With the economy going from strength

More information

INVOLVE policy on payments and expenses for members of the public including INVOLVE group members

INVOLVE policy on payments and expenses for members of the public including INVOLVE group members INVOLVE policy on payments and expenses for members of the public including INVOLVE group members February 2010 (First written April 2007) Policy contents 1. Introduction... 3 2. Covering your expenses...

More information

Expenses Policy for the HCPC Partners

Expenses Policy for the HCPC Partners Expenses Policy for the HCPC Partners INTRODUCTION 1. This policy aims to give all partners general guidance on how to claim their fees and expenses whilst carrying out work on behalf of the HCPC. 2. Partners

More information

Travel, Subsistence and Expenses Policy

Travel, Subsistence and Expenses Policy UNIVERSITY OF BRISTOL Effective from 1 April 2014 1. Purpose & Introduction 1.1. This policy sets out the rules and procedures associated with incurring and reclaiming travel and subsistence expenditure

More information

What can I claim for?

What can I claim for? What can I claim for? So, armed with this basic outline, what can you claim for and how can you minimise your tax obligations? An overview of some of the common claimable and non claimable costs reads

More information

Taxation and the Company Car

Taxation and the Company Car Home Budget 2012 Vehicle Excise Duty / First Registration Fee / P11D value 2012 / 2013 Company car taxation Fuel allowances Class 1A National Insurance Contributions Writing Down Allowances / Lease rental

More information

Cash basis for small business

Cash basis for small business Cash basis for small business Introduction From April 2013, it is proposed that sole traders with a low turnover may use the cash basis for determining their taxable profits. Traders here include vocations

More information

This document outlines the travel and reimbursement policy for Adrian College employees.

This document outlines the travel and reimbursement policy for Adrian College employees. TRAVEL POLICY This document outlines the travel and reimbursement policy for Adrian College employees. Travel Expenses Institutional related travel expenses will be reimbursed to Adrian College employees

More information

Associates expenses policy

Associates expenses policy Associates expenses policy Introduction Our expenses policy has the following broad aims: To ensure that individuals travelling on GMC business are reimbursed appropriately for expenses wholly, exclusively

More information

Volunteering Out of Pocket Expenses Reimbursement Policy

Volunteering Out of Pocket Expenses Reimbursement Policy Volunteering Out of Pocket Expenses Reimbursement Policy Policy version: 05 Policy last reviewed: 13/01/2014 Next policy review date: January 2015 Reviewer: Monitoring group(s): Volunteers Steering Group

More information

Can I claim it? An A-Z guide of common business costs & expenses for Limited Companies. Made with love by. Working in partnership

Can I claim it? An A-Z guide of common business costs & expenses for Limited Companies. Made with love by. Working in partnership Can I claim it? An A-Z guide of common business costs & expenses for Limited Companies Working in partnership Made with love by Can I claim that cost? When you re busy trying to run your business, it s

More information

Can I claim it? An A-Z guide of common business costs & expenses for Limited Companies. Made with love by. August 2014

Can I claim it? An A-Z guide of common business costs & expenses for Limited Companies. Made with love by. August 2014 Can I claim it? An A-Z guide of common business costs & expenses for Limited Companies August 2014 Made with love by Can I claim that cost? When you re busy trying to run your business, it s hard to keep

More information

Tax Guide for Individuals Moving to the UK

Tax Guide for Individuals Moving to the UK Tax administration and allowances The UK taxing authority is known as Her Majesty s Revenue and Customs (or HMRC for short) and the tax year runs from 6 April to the following 5 April. There is no system

More information

Staff Expenses Policy

Staff Expenses Policy Staff Expenses Policy This policy applies to all E-ACT staff, including: employees at Head Office employees at Academies consultants and incorporates the use of E-ACT Purchasing Cards E-ACT Trustees, Academy

More information

Summer Budget 2015 ENSORS

Summer Budget 2015 ENSORS Summer Budget 2015 ENSORS The Second Budget 2015 George Osborne presented the first Budget of this Parliament on Wednesday 8 July 2015. The speech set out his plans for the next five years to keep moving

More information

Welcome to the SARS Tax Workshop

Welcome to the SARS Tax Workshop Welcome to the SARS Tax Workshop The purpose of this presentation is merely to provide information in an easily understandable format and is intended to make the provisions of the legislation more accessible.

More information

CFC CFC GLOBAL UMBRELLA WELCOME GUIDE. SETUP PROCESS 03 Steps 1-4 and Agency Update 04 Setting Up with Agencies. CONTACT 21 Contact CFCG

CFC CFC GLOBAL UMBRELLA WELCOME GUIDE. SETUP PROCESS 03 Steps 1-4 and Agency Update 04 Setting Up with Agencies. CONTACT 21 Contact CFCG CFC CFC Global LLP CFC GLOBAL UMBRELLA WELCOME GUIDE 01 UMBRELLA SERVICES EXPENSES EXPLAINED Expenses Explained CFCG Referral Details and Form to 19 1-46 21 CONTACT 21 Contact CFCG WELCOME! As a contractor

More information