Advisory fuel rates are recommended repayment amounts a company can use when reclaiming the fuel element on business mileage.
The rates are used to calculate:
Yes, you can claim the purchase of computers as a deductible expense.
For further information on allowable business expenses, refer to our expenses and allowances guides for limited company directors and the self-employed.
As a small business owner, having a good grasp of your business financials is key-even if you've hired an accountant.
While you can delegate your accounting tasks, understanding the basics will place you in a better position when it comes to discussing your business finances with your team members, financial professionals or potential investors.
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Previously, we've explained about the top accounting terms and concepts you need to know. In today's post, we'll explain the differences between bookkeeping and accounting. While these two terms are often used interchangeably, they refer to two vastly distinct functions and roles.
As the director of a limited company, your responsibilities include:
You can appoint a new director, terminate the appointment of a director or change the director's personal details online, or by downloading the relevant forms and submitting it to Companies House by post.
You can claim an eye test as an allowable expense, if it is required for the use of visual display equipment in your work.
In general, you can't claim for glasses or contact lenses unless these items are 'wholly and exclusively used for business purposes', and you're able to prove that you don't use them outside of your working houses. One example would be that you have several pairs of glasses, one of which is used only when you're at work.
For further information on allowable business expenses, refer to our expenses and allowances guides for limited company directors and the self-employed.
Business insurance costs can be reclaimed through your business and are eligible for Corporation Tax relief.
The costs of purchasing magazines, books and journals can be claimed as a deductible expense, as long as these items are required for your business (e.g. trade publications, professional journals, training materials).
For further information on allowable business expenses, refer to our expenses and allowances guides for limited company directors and the self-employed.
The goals for accountant's is to help businesses with tax and compliance duties whilst providing strategic advice to save money and time, allowing the business to focus on it's core activities.
Everyone knows that accountants will complete tax returns and accounts but the very best accountants will go one step further in ensuring the very best for the business.
As a contractor, freelancer or small business owner, it's important that you make the most of what you can claim-especially as the trips you make can add up over time. Here's an example: if you make a 25-mile round trip twice a week, it adds up to 2,400 miles a year. That's £1,080 that you can as deduction against your business revenue.
To learn more, read our guide on how to claim business mileage.
You can change the name of your limited company through a third party (such as a company formation service), or directly with Companies House.
If you're opting for the latter, you need to complete form NM01. There is a £10 fee payable to Companies House to file the form.
If you're trading as a limited liability partnership, you need to file form LL NM01. A £10 fee applies.
The costs incurred for engaging professional services-such as hiring a lawyer-can be claimed as an allowable expense, as long as these services are carried out solely for business purposes.
For further information on allowable business expenses, refer to our expenses and allowances guides for limited company directors and the self-employed.
As a new business owner, you'll often find yourself juggling numerous roles and tasks-from growing your business, to managing your operations, financesand taxes.
In addition, you're now required to meet your legal obligations as a limited company director-such as filing the necessary paperwork and accounts on time-or you'll risk being penalised.
Staying on top of all of these tasks can feel overwhelming, and here's where a limited company accountant comes into the picture.
Below, we'll look into:
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