Your Director’s Salary 24/25 – Everything you need to know Everything you need to know about your directors salary for 2024/2025.
Electric vs Petrol/Diesel? What are the Pros and Cons when looking to buy a Company Car? Generally, there are company and personal tax efficiencies when buying an electric company car compared to a petrol/diesel car. However, you do need to consider the commercial aspects of your finance plans/funding of the company car in your company, as electric cars are usually more expensive.
Working through your PSC – what are our most commonly asked expenses questions? We explore some of the most frequently asked expense questions when working through your PSC.
What other costs can you claim when working from home? You can claim costs such as providing equipment, services and supplies to an employee who works from home - this is on the basis that they are used only for business purposes and any private use is insignificant.
Joining the Flat Rate Scheme for VAT: Quick Guide Explore the Flat Rate Scheme for VAT with this quick guide. Learn eligibility criteria, benefits, and considerations before joining.
Can I invite other guests to my Christmas party or other event too? Yes, you can invite other guests, but here is the key: to be eligible to reclaim VAT and for corporation tax relief, the costs must solely be to entertain employees.
What happens if the cost of a Christmas party or other event for my limited company is over £150 per person? If the cost per person exceeds £150, you need to be aware of the following tax impact-the company benefits from tax relief on the expenditure- but the full amount will be a taxable benefit on your staff.
Can I throw a Christmas party or other events for my limited company and employees? Absolutely! A limited company can pay for an annual event, and there are no personal tax implications if the total does not exceed £150 per head and is open to all members of staff.
Can my company pay for entertaining staff? When entertaining employees, this might be allowable for tax relief, but it could also end up being considered a benefit that your employees will be required to pay some tax on.
Are there any business gifts which would benefit from tax relief? For clients or suppliers, you may send cards, but any gifts should be also under the value of £50 and mainly sent for promotional reasons. This doesn’t include food, drink, cigarettes, or gifts vouchers though.