Self-Employed Allowable Expenses

Self-Employed Allowable Expenses If you’re self-employed you’re probably wondering what expenses are deemed allowable by HMRC. So, we’ve put together a guide to explain some of the common allowable expenses for the self-employed. Different rules apply for limited companies.   Business Premises Rent, utility bills, property insurance, security, maintenance and repair are allowable expenses. However,…

Read More

Guide to the 24-Month Rule

Guide to the 24-Month Rule What is the 24-month rule? The 24-month rule is a regulation introduced by HMRC allowing contractors to claim travel and subsistence expenses when travelling from home to a client’s site. Certain criteria must be met in order to claim business expenses. The rule requires you to work at a temporary…

Read More

Business Expenses – summary

Business Expenses – summary In this guide for limited companies, we have listed some common business costs and expenses. Though the list is not exhaustive, it covers the majority of business costs incurred by small businesses. As a business owner you will be busy running your company, so it’s important to understand the expenses incurred…

Read More

Child Care Vouchers

If you pay for childcare and are trading through a limited company you can save a significant  amount in tax. Childcare vouchers are easy to set up and are being used as a tax benefit by many company directors. What are Childcare Vouchers? Childcare Vouchers enable you to pay for childcare out of your pre-tax…

Read More

Letting Relief

If you let a property which was at any time your principle residence (even for a short period), letting relief can be claimed to help reduce the tax you pay on the eventual sale. Letting relief is given in addition to the normal tax exemptions you get; ie. from the periods when you have occupied…

Read More

Contracting – Subsistence Expenses

Contractors working through their own limited company can legitimately claim subsistence as business expenses to help reduce their corporation tax liabilities. However subsistence can only be claimed if their contract is deemed to be temporary. A contract is deemed temporary if it lasts or is expected to last less than 24 months and at least 40% of the contractors working…

Read More