Maureen B: What might be some expenses we can claim back that aren't the more obvious and we might not think to claim back our self?
David C: What can we buy and get away with? Must be some benefits.
If you’re a sole trader you can claim for:
A proportion of your home expenses if you work from home - this includes mortgage interest, internet & council tax
You can claim a proportion of your mobile phone expenses too if you’re calling people for business purposes.
If you’re travelling for business (and its not to the same place) you can claim for a reasonable lunch expense. You can also claim the mileage/train fare, etc.
A proportion of you computer/tablet costs if you use it in the business.
If your business employs people you can actually buy your staff small gifts under £50 that are tax free and 100% claimable. You don’t have to pay tax on a benefit for your employee if all of the following apply:
it cost you £50 or less to provide
it isn’t cash or a cash voucher
it isn’t a reward for their work or performance
it isn’t in the terms of their contract
There is a limit of £300/year for directors though.
You can also claim the following for employees:
Periodic medical checks or health screening - only one a year is exempt.
Eye tests - if they are required by health and safety legislation for employees who use a computer monitor or other screen.
Ever wonder why all companies have a Christmas party? You can claim up to £150 per head per year on annual events such as a Christmas party and the employee doesn't need to pay personal tax on this - to qualify, all expenses must meet the following conditions:
£150 (including VAT) or less per head
annual, such as a Christmas party or summer barbecue
open to all your employees
Click here for more details.
Also, ever heard of Quid Pro Quo, click the link for more details: www.gov.uk/hmrc-internal-manuals/business-income-manual/bim45014