Ltd company tax for dummies....
Discussion
I do have an accountant and he is filing both my personal and business accounts.
However, there are also tricks and ideas which you might be able to implement, that is what I mean. For example, this week I saw my accountant and he asked about my business mileage. I said I don't bother to record it because I charge a "time" rate instead of a miles rate. He said no, I can still charge the company my mileage rate at 45p per mile for the first 4000 miles. Sooo, now I have to go back and identify my business trips and the mileage etc.
There must be other tips out there - and also I wanted a general understanding (if that is possible) of business tax and Ltd company tax etc.
However, there are also tricks and ideas which you might be able to implement, that is what I mean. For example, this week I saw my accountant and he asked about my business mileage. I said I don't bother to record it because I charge a "time" rate instead of a miles rate. He said no, I can still charge the company my mileage rate at 45p per mile for the first 4000 miles. Sooo, now I have to go back and identify my business trips and the mileage etc.
There must be other tips out there - and also I wanted a general understanding (if that is possible) of business tax and Ltd company tax etc.
Eric Mc said:
That is such a normal claim that I wouldn't even look on it as a "tip".
Do you reclaim from your company for costs of the business that you have paid personally out of your own pocket. That is very normal for small businesses as it is very likely that you do,. now and then, pay for items for the business using your own personal cash, bank or credit card.
Do you make any claim for "Business Use of Residence". It is not always appropriate but if it is, HMRC will allow a claim to be made.
Well, I didn't realise I could charge my travel time then charge my business the 45ppm....... I thought it was one or the other..Do you reclaim from your company for costs of the business that you have paid personally out of your own pocket. That is very normal for small businesses as it is very likely that you do,. now and then, pay for items for the business using your own personal cash, bank or credit card.
Do you make any claim for "Business Use of Residence". It is not always appropriate but if it is, HMRC will allow a claim to be made.
Yes, I do that - have a spreadsheet of monies I pay in, I actually then have it as a loan and get the interest I would have got on the money too.
Yes, the home use is being dealt with by my accountant as well given I do a lot of work from home.
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