Posts Categorized: Friday Tax Tip’s

One of the most problematic areas for expense claims relates to what company directors and employees can claim as travel and subsistence expenses. The general rule is that you can claim a deduction for expenses that have been incurred wholly, exclusively and necessarily for your business. In order to be able to justify your claim, you… Read more »

Subsistence is the tax term for food and drink. It also often refers to the costs of accommodation and incidental overnight expenses.     Self-employed Sole traders and partners can claim tax relief for subsistence if the expenditure is incurred as: Business travel or an overnight business trip ‘Itinerant’ trade wherein you trade from one… Read more »

Self Assessment is used to collect tax from the self-employed, directors of a limited company or if you are a business partner. This is due for filing on the 31 January 2019.     If you filed your Self Assessment and pay later than the deadline, late payment penalties will apply. There are also penalties… Read more »

It is the season of giving so why not treat your customers with tax free presents?     Gifts to customers can generally be classed under entertaining or advertising and marketing. It can take in many forms such as free samples of your product, free pen or mug that carries advertising for your company or… Read more »