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Allowable Expenses

Allowable Expenses

For the self-employed, the broad rule is that expenses are allowable if they are ‘wholly and exclusively’ incurred for the purpose of your business. Some expenses, such as your phone contract, which may include both personal and business calls, don’t seem to meet this...
Do you really need a company?

Do you really need a company?

When people are running a business, they often think they need to form a company. In fact there’s nothing wrong with running your business as either a self-employed individual, or a partnership if there is more than one of you. Some very large businesses, for...
Big Mouthfuls Often Choke

Big Mouthfuls Often Choke

If you’re self-employed and you travel on business, it’s useful to know which expenses are tax deductible. If you get it wrong, you could pay too much tax, or maybe find yourself in trouble with HMRC for paying too little tax. Above all you need to...
Tax-free party!

Tax-free party!

An annual function or party for employees is tax exempt, provided the cost isn’t over £150 per head.  The amount paid by the employer is tax deductible, and employees aren’t taxed on the benefit they’ve received in going to the party. To calculate the cost per head,...
Give yourself a (tax) free gift

Give yourself a (tax) free gift

There is an exemption from tax and National Insurance for benefits with a value up to £50 each provided to employees and directors. There is no limit to the number of benefits which can be given to an employee, but there is a limit of £300 per year for directors or...