There will be times when you provide small gifts to employees, throw a staff function or treat yourself as the director. How are ‘trivial benefits’ taxed?
Limited Company Contractor Expenses
- As a contractor, you may incur many expenses related to your trade.
- For limited company contractors, you can offset almost all legitimate business expenses against your company's Corporation Tax bill.
- However, if you receive any personal benefit from business expenses paid by your company, you and the company will be taxed on the value of any 'Benefits-in-Kind'.
- The SDC rules restrict the expenses available to umbrella contractors, although some expenses are still permitted.
- Start with our popular guide to limited company expenses.
Navigating festive gift and entertainment claims through your limited company
With the festive season almost upon us, we look at how you can keep HMRC happy when making claims for gifts and entertainment.
Company parties and events – the £150/head expenses exemption
If you’re thinking of holding a small Christmas do for your limited company, you’ll be pleased to hear that your can legitimately claim back costs of up to £150 per head without any tax implications, as long as you meet certain conditions.
Can directors claim for personal tax return advice on expenses?
A guide on whether limited company directors can ‘do a Reeves’ — claim back the cost of accountancy fees.
Can you claim the cost of food and meals as a limited company expense?
You can sometimes claim food and meal expenses from your company, but it depends on several factors. Is there a business justification for the claim?
Can I fund childcare costs via my limited company?
If you are contracting and have young children, you may be able to benefit from personal tax relief on some childcare costs. The old voucher scheme was closed to new entrants in 2018.