Comments on: Ltd Company: Detailed information on the expenses you can claim

By: Six easy steps to set up a UK business – Part Four | Monty's Outlook

Six easy steps to set up a UK business – Part Four | Monty's Outlook — Wed, 30 Nov 2011 10:09:03 +0000

[...] link is an excellent page that goes into detail about what you can claim for and will be an invaluable [...]

By: How can I reduce my Corporation Tax? | Contractor Advisor

How can I reduce my Corporation Tax? | Contractor Advisor — Fri, 11 Feb 2011 11:13:10 +0000

[...] matter how small. Every train ticket, every bus ride – everything (more info on this in our Guide to Limited Company Expenses). The more allowable expenses you record, the less tax you will have to pay. [...]

By: P_L

P_L — Thu, 06 Jan 2011 08:23:11 +0000

Hi there! I have registered as freelance working from home. How do I calculate how much to claim of heating/water/electricity/boradbrand costs? Is there a official percentage to use?? Many thanks for a little help… I am very new in this …

By: wales

wales — Sun, 19 Dec 2010 18:03:56 +0000

Many thanks for sharing this. I actually really liked it. My accountant didnt even provide me with the information…

By: Crunch

Crunch — Thu, 18 Nov 2010 09:29:00 +0000

Hi D_J,

You need to account for VAT from date you asked to be registered even if you haven’t yet received your VAT number. It can take from one week up to a few months to get a number from HMRC depending on how busy they are and whether they decide they want to query your application.

If you registered for VAT online you should have received an Acknowledgment Reference Number. If you call the registration unit on 0845 039 0129 and quote this number they should be able to advise where in the system your application is.

By: D_J

D_J — Wed, 17 Nov 2010 01:11:00 +0000

I am working for a fashion company as a freelancer in Italy but I have my own business in London. I need a VAT number in order to get my payment from the company but I am having a lot of trouble applying for VAT itself which is making it impossible for me to compete this important job which is for a limited time only. Is there anything I can do or anywhere I can go for fast track help etc?

By: Staceyaduncan

Staceyaduncan — Fri, 29 Oct 2010 22:17:00 +0000

Hi I spent £500 setting up my company, I used my own debt card because at the time I didn’t have the business account set up, should I class this as a directors loan and can I take it back as soon as the company has made the money back or do I have to wait till the end of the year and keep the receipts and claim it as an expense, I’m a little confused.

By: FreelanceAdvisor

FreelanceAdvisor — Tue, 12 Oct 2010 14:37:00 +0000

Owen,

Unfortunately you still need your receipts!

By: Owen Pritchard

Owen Pritchard — Fri, 08 Oct 2010 11:48:00 +0000

@pritchardo Hi, thanks for this link sent via twitter, its so much better than HMRC. Quick question for the Personal Incidental Expense do I need receipts or do I just log £5 expenses with my accountant?? Thanks, Owen

By: FreelanceAdvisor

FreelanceAdvisor — Fri, 08 Oct 2010 09:30:00 +0000

Hi Jim. As Vik says if it’s your bike you can only claim milage allowance. Have you considered selling your bike to your company? It’ll give you some personal cash (saving you on dividends) and then all upkeep can be run through the company books, this would include cost of new innertubes, servicing, etc.

By: Vik

Vik — Tue, 05 Oct 2010 15:36:00 +0000

Hi Jim

as the bicycle is in your own name (not registered to your company) you cannot claim the expense for servicing it same as insurance, other maintenance cost, petrol. Only mileage at allowable rate. Hope this helps.

Accountant

By: FreelanceAdvisor

FreelanceAdvisor — Fri, 17 Sep 2010 08:24:00 +0000

If you have a limited company you can claim the equipment/MacBook as a business expense.

It might be hard to argue that a hotel room is “wholly and exclusively” for work. It’s also a place for you to live while you work, presumably at the client’s premises.

If you’d like to discuss this further give Angelo a call on 0844 500 8000 — or angelo@crunch.co.uk. If you’ve not got a Ltd Company yet he’ll be very happy to help you get set up and moving with all the accountancy advice you need.

By: Anonymous

Anonymous — Thu, 16 Sep 2010 21:52:00 +0000

Hi i have to register as a freelancer this week..I’ve recently moved to london (in order to do the job) and i’ve had to buy a macbook/rent a hotel until i find a house. Can i claim all of these back as business expenses?

By: Crunch online accounting | Expenses for limited companies | Crunch

Crunch online accounting | Expenses for limited companies | Crunch — Thu, 26 Aug 2010 14:35:36 +0000

[...] * Accommodation – find out more [...]

By: Jim

Jim — Fri, 18 Jun 2010 13:26:57 +0000

Ive just come across this - what a great comprehensive site! Im posting this on all my blogs etc its that good!

One thing you havent covered and what im looking for is I own my own bicycle and its just gone in for its service. Does anyone know if I can claim that back as a director of my own company?

Brill site again!

By: Glasgow Restaurant Review

Glasgow Restaurant Review — Sat, 12 Jun 2010 14:07:52 +0000

I am pretty sure I can save loads because of this cheers.

By: St Albans Builders

St Albans Builders — Wed, 24 Feb 2010 06:47:23 +0000

You guys are truly cool for sharing this info, I reckon I can save up to 2k from this. Thanks.

By: Toby B

Toby B — Fri, 12 Feb 2010 11:27:42 +0000

If you're claiming mileage i've just found a site about choosing a car with the lowest running costs - http://www.inniaccounts.co.uk/blog/low-cost-cars

By: FreelanceAdvisor

FreelanceAdvisor — Wed, 10 Feb 2010 17:57:05 +0000

Hi there

Yes, the 'simple cost' (referring to the £156 a year (£3 a week)) is an allowance for working from home, rather than claiming business proportion of home costs.

By: vintage_beanpole

vintage_beanpole — Sun, 07 Feb 2010 16:52:17 +0000

Hi,
I have a quick question regarding home working expenses - can I still claim the 'simple cost' if I work from home (but only at a desk in a room used for personal use)?
Thanks!