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Travel expenses for limited company

Posted by on 10.9.20 in Knowledge Base

Travel expenses for limited company are generally allowed as a business expense where all of the following conditions apply: You’re responsible for paying the travel costs The travel you’re undertaking is necessary for your work, i.e. your attendance at the place you’re travelling to is mandatory The travel shouldn’t be ‘ordinary commuting’. HMRC defines a commute as […]

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P11D Form Explained

Posted by on 10.8.20 in Knowledge Base

In this article we take a closer look at the P11D form, including what you need to include on it, when you need to file it, and – most important of all – what will happen if you don’t fulfill your P11D duties.All this is explained below. What is a P11D? The P11D form is […]

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Business mileage rates

Posted by on 10.7.20 in Uncategorized

What is classed as business mileage? Business mileage is an important – but often overlooked – expense for sole traders, contractors, and directors employed by their limited companies. Business mileage covers the miles you travel for business purposes, such as travelling to a client. You must only claim for journeys that are “wholly and exclusively” […]

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Benefits in Kind

Posted by on 10.6.20 in Knowledge Base

Benefits in kind are benefits that employees or directors receive from their company which are not included in their salary or wages. Not all benefits in kind are treated in the same way by the tax system. Some are not taxed, but others are, and it can be hard to figure out where you stand. As well […]

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Paying back a student loan when self-employed

Posted by on 10.5.20 in Knowledge Base

As a freelancer, contractor, or small business owner, your student loan repayments will need to be included on your annual Self Assessment tax return. How much do I need to be earning before repayment starts? If you took out your loan in England or Wales before 1st September 2012, you will repay your loan under HMRC’s Plan 1. You’ll start repaying […]

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