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Matching "Expenses" Tag

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If you are a sole trader preparing to file your tax return did you know that some of your business expenses can be calculated using HMRC's rules for simplified expenses?  This includes motor vehicle costs and working from home which can often be time consuming to keep records of.…
As an employer you can pay your employees for mileage incurred when they are using their own car to travel on business.  HMRC sets out the rates you can pay without the payment being subject to tax and NI. The approved rate is…
At least once a year every business owner should review the cost of running their business - the overheads.  Whilst you might spend time finding the best and most cost effective supplier for the goods that you sell or for the materials that are used to provide your service, do you consider the other costs that your business incurs?  Costs such as insurance, telephone & broadband, stationery, subscriptions and marketing.  Are you aware of these overhead costs or do you just accept they are what they are?…
Did you know that if your employee is not reimbursed for travel or things they buy for work they can claim tax relief? The tax relief is claimed online…
As a self-employed person do you ever wonder what expenses you are allowed to deduct from the income you earn? Do you worry that you are not claiming everything you could? Or perhaps worry that you are claiming things that you shouldn't?…
If you are a VAT registered business and you or your staff reclaim mileage for business travel in your own vehicle did you know that you can claim VAT on the fuel element of that mileage? Every quarter HMRC update the advisory fuel rates – see here for the current rates. …
The provision of clothing to yourself or your employees is not a tax deductible expense. If you provide clothing it must be declared as a benefit on a P11D and Class 1A National Insurance Contributions will be paid. Your employee's tax code will also be adjusted to account for this taxable benefit. However if you or your employee is required to wear a uniform as part of their duties - a nurse for example…
If your employee has to travel for business you can pay for or reimburse their travel expenses without the payment being subject to tax or NIC. …
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