Limited Company FAQ's

Generally, capital items are those items that will have enduring benefit to your limited company. Examples are computers, tools, office furniture and motor vehicles. If the items purchased are owned by the business, capital allowances will be claimed rather than the full cost being an allowable expense in the year of purchase.

The cost of necessary medical treatment should you fall ill or get injured may be claimed in certain circumstances subject to HMRC guidelines.

The company may be able to pay for your moving or relocations costs in certain circumstances subject to HMRC guidelines.

The cost of food and accommodation provided for directors arranging training courses for the purpose of the trade is an allowable expense. If food and accommodation provided as part of training are given to any other person free of charge, the cost is classed as entertainment and is therefore disallowable.

Costs of certain types of clothing are allowable as a business expense, subject to HMRC guidelines, where your duties require them to be worn.

The cost of train or airfares for business-related journeys is allowable. Additional costs such as excess baggage claims are also allowable if they are incurred in the performance of your duties and have no personal element.

The costs of accommodation for nights spent away from home for business purposes may be claimed as a business expense subject to HMRC guidelines.

Your company can reimburse you for a flat rate weekly payment of £6 ( £312 per year) - if you meet the criteria for working from costs.

Connect can link to over 25 well known banks. There are 2 ways to link Connect to your company bank account, via a tradition Bank Mandate Authorisation form (granting View-Access via your bank) or via Open Banking API’s (which can be activated via your Connect dashboard).

No, you do not pay Capital Gains Tax when you make a gift to your husband, wife or civil partner – as long as you lived together for at least part of the tax year in which you made the gift.