Expenses

The festive season often brings extra spending for businesses — staff parties, gifts, decorations, client hospitality and end-of-year celebrations. However, not all Christmas-related costs are tax-deductible and misunderstanding the rules can lead to unexpected tax bills later. Below, we explain what UK small and medium-sized businesses can legitimately claim, what HMRC restricts, and how to stay compliant while...

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses...

As a business owner, you’ll be looking for every opportunity to claim back expenses and minimise your tax liability. But not everything that falls under expenses is tax-deductible. To give you a better understanding of which costs are allowed and which are not allowed, we’ve highlighted the main areas where business owners habitually trip up with their expense...

Whether you are a Limited Company veteran or just starting out for the first time, the HMRC rules on company expenses can be complex. The ground rule to keep in mind is that you can only reclaim expenses that have been incurred ‘wholly, exclusively and necessarily’ for the everyday running of your business. How to claim expenses You...

Whether you’re a company director or an employee, you may need to claim for fuel and business mileage. Motor expenses can be difficult to get your head around, and different rules apply depending on whether you are self-employed or the director of your own limited company. This guide will talk you through the options available, helping you to...