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
You’re working on a long contract which keeps you away from home during the week. Rather than stay in a hotel you rent a flat to keep costs down. As it will be empty at weekends do you have to
restrict the tax deduction?
Published 07.07.2016
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
Your car was off the road for a long period during which time you borrowed your partner’s. Your bookkeeper says you can claim tax-free mileage for business trips you make in it. Given that it’s not
your car, can this be right?
Published 05.02.2018
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 pay for parking spaces for your company’s directors as there’s nowhere on site. During a PAYE check HMRC claims that because the spaces are also used for non-work purposes there’s a taxable perk.
Is this correct?
Published 04.09.2017
You’re about to pay over £2,000 for a new PC plus some fancy software. You’ll use it mainly for work but also for private matters. Is it more tax efficient for you or your company to claim tax relief
for it?
Published 03.06.2019
You’re the sole shareholder and director of a growing trading company. It’s been a good year and you want to celebrate in style with the employees who helped. Will HMRC allow tax relief if you put
the expense of entertaining everyone through the business?
Published 31.10.2023
HMRC says that personal credit card charges aren’t tax deductible. So if you use your card to make purchases for your business, and incur interest, does it mean your company can’t reimburse you
without landing you with a tax bill?
Published 29.09.2016
Your summer holiday happens to be in a location near to one of your major customers so you’ve arranged a couple of business meetings in the course of your trip. Can you claim tax relief for a
proportion of your travel costs?
Published 12.06.2018