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There is such a thing as a (tax) free lunch

There is no tax charge for the provision of meals for directors or employees, provided the meal is provided either in a canteen or on the employer’s premises, it’s on a reasonable scale, and it’s available to all employees. So, does that mean family companies without...

Accommodation

For the self-employed accommodation costs can be tax deductible where they are incurred wholly and exclusively for the purposes of the trade or profession. Ordinary living costs are not tax deductible. In practice, HMRC tend to allow the costs of overnight...

Accounting Periods

The tax year runs from 6 April to 5 April. The self-employed or partners choose their own accounting period for tax, just as companies do. The period taxed will be the accounting period ending in the tax year for which the return is being prepared. This is fairly...

Working from home

A self-employed person who works from home can generally claim more tax-deductible expenses than an employee or director. A self-employed worker can claim the following for use of home: All the costs incurred for exclusively for business purposes A proportion of all...

Contractors

Contractors usually either operate through their own limited company, or through an umbrella company. An umbrella company is a standard UK limited company, operated by a third-party supplier, which contracts with employment agencies or clients on behalf of...

Self Employed Expenses

The broad rule is that expenses are allowable if they are ‘wholly and exclusively’ incurred for the purpose of the trade or profession. Often expenses don’t seem to meet this rule but are still allowed. This is because the legislation also says that when an expense is...

Clothes

Ann Mallalieu was a practising barrister, and was required to wear clothes in court which satisfied the Bar Council's requirements. Her claim for a deduction for the amount spent on court clothes was denied because the expenditure on clothes was not wholly and...

Employed or self-employed?

ReadyMixedConcrete was a business which made and sold ready mixed concrete. Concrete was delivered by owner- drivers working under written contracts. The owner-drivers entered into a hire purchase agreement with Readymix Finance Ltd to purchase a lorry but the mixing...