HMRC has strict rules on when business owners can claim tax relief for interest they pay on personal loans used to fund their businesses. What are they and what steps can you take to avoid falling
foul of them?
Published 22.01.2016
One of our subscribers has been meeting some business expenses out of her own pocket. The firm’s bookkeeper has asked for details and suggested the company pays her interest for using her own money.
Is there any tax advantage to this?
Published 09.03.2021
If you personally borrow money to pay for equipment you use for your job you may be entitled to a tax deduction for the interest you pay. As the rules are tricky, how can you ensure that you don’t
lose out on tax relief?
Published 05.02.2019
It’s not uncommon for directors to use their personal credit card to pay for business expenses. When the company repays the debt that will balance the books. But are you overlooking a tax break?
Published 13.10.2009
You took out a personal loan to buy your company’s business premises and you’re claiming tax relief on the interest. So far so good, but the Taxman suggests there’s a way you can cut both your and
your company’s tax bill further.
Published 01.05.2012
HMRC allows businesses to reclaim VAT on directors’ and employees’ homeworking costs. As an employer how can you take advantage of this without falling foul of the much tighter rules which apply to
income tax?
Published 09.04.2018
Your teenage daughter wants you to fork out £1,500 to pay for a weekend residential course. You could open your personal cheque book for this but would it be more tax efficient if your company paid?
Published 23.12.2019
There’s a right way and a wrong way for your company to pay for business expenses. Fortunately for one of our subscribers they asked us which was which before they went ahead; it could have cost them
thousands. What’s the story?
Published 15.09.2010
Where you stay away on business and your company reimburses you for or pays the bill, there’s usually no tax or NI liability to worry about. But what if your bill includes personal expenses, will you
then have to pay tax?
Published 22.12.2017
You’re buying fancy IT equipment that you’ll use some of the time for work. Your fellow directors have agreed that the company can contribute to the cost. Can this payment be made tax free?
Published 25.06.2018