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Travel subsistence is often a very grey area within HMRCs rules and regulations so it is important to understand exactly what you can reclaim without incurring a tax penalty. These should be carried out in the same manner as any other expense claim which means this...
The flat rate VAT scheme is designed to reduce the cost of complying with VAT obligations by simplifying the way small businesses calculate their VAT. Designed to save time and money - but could it work for you? Read on to find out more. How does the flat rate VAT...
Many banks will set you up with a company credit card when you set up your business bank account, others will make you wait until you have been in business long enough to establish a credit record before allowing you to apply for business credit cards. They can be a...
Updated 2023/24 It is simply an account in the balance sheet that summarises the transactions between a company director and the company. In simple terms: An asset is created where the company loans money to the director to be repaid at a later date. A liability is...
Reviews and Testimonials may sound the same but are very different in how they look and come across in language. A review is given on an individual
We recommend that at every month end or at least once a quarter, you check your Accounts Payable and Receivable balances and verify that they are correct. If they are not – you could be under or overstating profits or losses, and you may not be accounting for VAT correctly.
Confused over the HMRC rules for claiming food and subsistence? HMRC will allow you to claim for meals and subsistence in certain circumstances. We have written this article from the perspective of a small business owner/director, and in response to queries from our...
As we have already mentioned in our earlier article, it is possible for directors to claim a work from home allowance under HMRC rules. This allows the director to reclaim an element of the running costs of the work from home office space. Unlike the self-employed,...
As a director working from home, you may be allowed to reclaim reasonable 'work from home' expenses from your company. Flat rate basis HMRC allows you to reclaim a flat rate per month, depending on the number of hours a month you would typically work from home. Well...
When you or your employees spend your own money on behalf of your company, you want the ability to claim it back quickly and efficiently. Tips for effective expense claims management: Always keep a copy of your receipt, no matter how small. The pennies could soon turn...