Expenses

As a business owner, you’ll be looking for every opportunity to claim back expenses and minimise your tax liability. But not everything that falls under expenses is tax-deductible. To give you a better understanding of which costs are allowed and which are not allowed, we’ve highlighted the main areas where business owners habitually trip up with their expense...

The long and short of it is this—entertainment expenses are not usually tax-deductible for businesses in the UK. Thus, companies cannot claim tax relief for these expenses to reduce their tax bill and cannot claim the VAT back on expenditure from accountants. However, some circumstances are not quite so clear-cut. Taxation and VAT are complex systems – there...

Whether you are a Limited Company veteran or just starting out for the first time, the HMRC rules on company expenses can be complex. The ground rule to keep in mind is that you can only reclaim expenses that have been incurred ‘wholly, exclusively and necessarily’ for the everyday running of your business. How to claim expenses You...

Whether you’re a company director or an employee, you may need to claim for fuel and business mileage. Motor expenses can be difficult to get your head around, and different rules apply depending on whether you are self-employed or the director of your own limited company. This guide will talk you through the options available, helping you to...