We have two employees Mr "A" and "B" , both has Mileage sheet with 10.5K miles & 11K Miles in the current year , Now how much we as a business can claim as Mileage expenses for Mr "A" .45p*10K + .5*.25p => 4500+125 = 4625, For Mr"B" .45p*10K + .25*1K => 4500+250=4750, A+B = £9375. (please confirm if this is correct calculation)
Hi I joined a driving agency 6 years ago and had to set up as a limited company and have an accountant to enable me to work as the agency got me the work they are now saying I can't now operate in this way with them and must close down my Ltd company and work for them the agency? Where do I stand on this?
I would say no, in the same respect that you cannot claim back on the cost of a 3 piece suit. Even though you need to dress smartly for meetings everyday, the suit can also be used for personal use. (Unless it has the company logo clear and visible)
If somebody rent a room in Norwich and he lives there for more than a year ,so it's kind of permanent accomodation, and he travel to Sheffield to work there for two months only and after that to return in his permanent home in Norwich ,but during those two months he pay both the rent in Norwich and the hotel in Sheffield for the temporary work,can he claim for the hotel expenses he suffered during his stay in Sheffield for the two months work ?
Hi, George. HMRC rules around Travel and Subsistence are written in the context of your workplace - not where you rent accommodation. So it is important to establish your permanent place of work. If you have a permanent place of work and are then sent to another geographical area to work on a temporary basis, then your limited company can claim tax relief on travel and subsistence expenses, including hotel bills. These must be ‘reasonable’ and ‘wholly and exclusively’ incurred for business purposes. You might find our jargon-free business guide on expenses helpful here: crch.co/2RQCSDt (The above is a general guide, and as always it's best to take professional advice specific to your circumstances.)
Hi, Christian. If your gardening business is run as a Limited company, you should be able to claim the full cost as an expense - the mower would belong to the business. If you're a sole trader, as long as the mower is purely for business use then again, you should be able to claim the full cost. If the mower is partly for business and part personal, then only the business percentage can be claimed. Either way, you would claim it as an expense - this would reduce your profits, meaning you should pay less tax on your Self Assessment. As is always the case, it's best to speak directly to your accountant for advice on a specific matter to your circumstances.
Hi there. I am a private tutor and education coach as a sole trader. My business is solely online. I need a mobile phone, laptop and tablet. Is there a price limit on each item? For example 1500GBP for laptop, 650GBP for laptop and 850GBP for phone. Are they equipment expense or fixed asset? May I deduct all from the tax I need to pay in the fiscal year or something like depreciations? Additionally,I understand suitcase is dual purpose item and it is logical. What about briefcase, laptop and tablet cases? Are they which is only to carry our laptop and tablet dual purpose item or tax deductible?
i am currently running a business and i have reached the thresh hold of £85k so i need to register for VAT, my concern is as i am dropshipping from china ( the customers pay me for the product then i go and pay the supplier from china to ship the product to the customer) how do i go about paying VAT? as the supplier is the one shipping the products for me, i do not want to pay VAT on my orders as i will be left with no cash flow or even a loss because of the cost of FB ads etc. REPLY
Hi, Adil. Thanks for getting in touch. We'd need some more details to help with your query. Please give us a call on 0333 920 2996 and we'll be happy to try and assist. All the best, Team Crunch
What were the results of the call I'd be interested to know how this works out of curiosity. By my minimal understanding it is the client who is ordering the product who pays vat and the supplier who pays vat on the sale
Hi, Ian. We are holding a webinar on what you can and cannot claim as business expenses when running a small business which might be of interest: crch.co/2vfF9x2
Would I be able to claim money if I am a plumber and I need to do my gas course to improve my company which would cost £3500 how much would I be able to claim back ?
Hi there. HMRC guidance on this states that training to enhance existing skills is allowable, but training for a new skill is disallowed. As is always the case, it is best to speak directly to your accountant for advice on a specific matter to your circumstances.
Hi, Stefano. If the question is in the context of someone who is self-employed, then meals in the normal pattern of employment cannot be claimed. So in this case, travelling to different places to teach would appear to be a normal pattern so food cannot be claimed. This is a general guide, and as always it's best to take professional advice specific to your circumstances.
Hi, Stefano. HMRC does not accept day-to-day meals as a business expense. In particular, if part of a normal work pattern, then you cannot claim back any meals e.g. in this example a teacher cannot claim back meals while attending different locations as there is a normal pattern of work. If the destination is a one-off and not part of the normal work pattern, then you can include meal expenses. So, if the same teacher attended a training course outside of the normal pattern of work then they could claim the cost of a meal for attending that. As stated, this is a general guide, and as always it's best to take professional advice specific to your circumstances.
There are several suggestions to consider before you start a cleaning business Will you get help from you family? Are you someone who is self-motivated? Will you carry out the plan? Do you have the funds to begin? (I discovered these and why they work on Enata Setup System website )
Hi, regarding being a sole trader, if i'm travelling to a workplace on one day and the job is complete, does this count towards business travel? Thanks in advance
Hi, Dean. Yes, if you travel to a location for one day only, you will be able to claim the travel. However, If you start regularly going to this location you will have to stop claiming.
Your advice on Pension is not complete. Directors can contribute unlimited amount to their pensions as long as this contributions don't take the profit loss account into negative. And it reduced their corporation tax for the given year.
Do you know anything about crypto currency investing and the best way to sort out taxes when cashing out? I know its a bit of a grey area at the moment
Great video guys can you point me in the direction on tax if reinvesting your profits back into retail stock of your business and if this is taxable
We have two employees Mr "A" and "B" , both has Mileage sheet with 10.5K miles & 11K Miles in the current year , Now how much we as a business can claim as Mileage expenses for Mr "A" .45p*10K + .5*.25p => 4500+125 = 4625, For Mr"B" .45p*10K + .25*1K => 4500+250=4750, A+B = £9375. (please confirm if this is correct calculation)
Can you claim back business marketing costs?
Hi I joined a driving agency 6 years ago and had to set up as a limited company and have an accountant to enable me to work as the agency got me the work they are now saying I can't now operate in this way with them and must close down my Ltd company and work for them the agency? Where do I stand on this?
Ur very helpful
So confused... I'm looking at starting as a contractor.. But wondering if its worth it
Hi, Dom. We've got a free business guide on contracting which might come in useful here: crch.co/2SulFkD
In a limited engineering company, can safety training and testing equipment be expensed?
would have been better if you had also shown rechargable expenses too ie for travel that is fully rechargable!!!
Thanks
As an asbestos removal operative I’m required to be clean shaven daily can I claim back the cost of razor blades?
Is this a joke
@@David-ke8ni - Asbestosis is no laughing matter.
I would imagine show, the same way you can claim back on leaning of uniforms. I would consult a senior accountant for more information
Also it could class as a health and safety necessity
I would say no, in the same respect that you cannot claim back on the cost of a 3 piece suit. Even though you need to dress smartly for meetings everyday, the suit can also be used for personal use. (Unless it has the company logo clear and visible)
brilliant information
If somebody rent a room in Norwich and he lives there for more than a year ,so it's kind of permanent accomodation, and he travel to Sheffield to work there for two months only and after that to return in his permanent home in Norwich ,but during those two months he pay both the rent in Norwich and the hotel in Sheffield for the temporary work,can he claim for the hotel expenses he suffered during his stay in Sheffield for the two months work ?
Hi, George. HMRC rules around Travel and Subsistence are written in the context of your workplace - not where you rent accommodation. So it is important to establish your permanent place of work. If you have a permanent place of work and are then sent to another geographical area to work on a temporary basis, then your limited company can claim tax relief on travel and subsistence expenses, including hotel bills. These must be ‘reasonable’ and ‘wholly and exclusively’ incurred for business purposes. You might find our jargon-free business guide on expenses helpful here: crch.co/2RQCSDt
(The above is a general guide, and as always it's best to take professional advice specific to your circumstances.)
@@CountOnCrunch thank you
Really informative and useful video thank you 🙏🏽
So glad you found it helpful!
So how does it work? You minus the full cost of expense from profit?
Hi there. If the business suffers an allowable expense, it reduces the amount of profits the business pays tax on.
yes
Iam a gardener ..... if i buy a mower for £400 can i put the full £400 on my buisness costs or 20% of the 400 ???? Confusing lol
Hi, Christian. If your gardening business is run as a Limited company, you should be able to claim the full cost as an expense - the mower would belong to the business. If you're a sole trader, as long as the mower is purely for business use then again, you should be able to claim the full cost. If the mower is partly for business and part personal, then only the business percentage can be claimed. Either way, you would claim it as an expense - this would reduce your profits, meaning you should pay less tax on your Self Assessment. As is always the case, it's best to speak directly to your accountant for advice on a specific matter to your circumstances.
@@CountOnCrunch thank you so much for that mate
@@CountOnCrunch please PM me
Hi. Do you use your business card to pay for fuel or personal card?
Hi, Radoi.
It is best practice to pay through a business account.
Hope this helps.
Hi there. I am a private tutor and education coach as a sole trader. My business is solely online. I need a mobile phone, laptop and tablet. Is there a price limit on each item? For example 1500GBP for laptop, 650GBP for laptop and 850GBP for phone. Are they equipment expense or fixed asset? May I deduct all from the tax I need to pay in the fiscal year or something like depreciations?
Additionally,I understand suitcase is dual purpose item and it is logical. What about briefcase, laptop and tablet cases? Are they which is only to carry our laptop and tablet dual purpose item or tax deductible?
i am currently running a business and i have reached the thresh hold of £85k so i need to register for VAT, my concern is as i am dropshipping from china ( the customers pay me for the product then i go and pay the supplier from china to ship the product to the customer) how do i go about paying VAT? as the supplier is the one shipping the products for me, i do not want to pay VAT on my orders as i will be left with no cash flow or even a loss because of the cost of FB ads etc.
REPLY
Hi, Adil.
Thanks for getting in touch.
We'd need some more details to help with your query.
Please give us a call on 0333 920 2996 and we'll be happy to try and assist.
All the best,
Team Crunch
What were the results of the call I'd be interested to know how this works out of curiosity. By my minimal understanding it is the client who is ordering the product who pays vat and the supplier who pays vat on the sale
what about van hire costs can that be claimed as an expense? and if so how?
Hi, Ian. We are holding a webinar on what you can and cannot claim as business expenses when running a small business which might be of interest: crch.co/2vfF9x2
I am in the construction industry and I am self employed. Can I claim back mileage since all the work is temporary?
If you're a Ltd company then yes
Would I be able to claim money if I am a plumber and I need to do my gas course to improve my company which would cost £3500 how much would I be able to claim back ?
Hi there. HMRC guidance on this states that training to enhance existing skills is allowable, but training for a new skill is disallowed. As is always the case, it is best to speak directly to your accountant for advice on a specific matter to your circumstances.
Yes, but be careful that it is related to your existing work, so don't take a Landscape painting course, and charge it to the business!
Great video guys 👍🏿
Thanks, Marlon!
Thank you
I travel from place to place to teach. So if I understand well I can claim the food I buy during the day, right?
Hi, Stefano. If the question is in the context of someone who is self-employed, then meals in the normal pattern of employment cannot be claimed. So in this case, travelling to different places to teach would appear to be a normal pattern so food cannot be claimed. This is a general guide, and as always it's best to take professional advice specific to your circumstances.
Thanks for the reply! So if meals in the normal pattern of employment can't be claimed when can they be claimed?
Hi, Stefano. HMRC does not accept day-to-day meals as a business expense. In particular, if part of a normal work pattern, then you cannot claim back any meals e.g. in this example a teacher cannot claim back meals while attending different locations as there is a normal pattern of work. If the destination is a one-off and not part of the normal work pattern, then you can include meal expenses. So, if the same teacher attended a training course outside of the normal pattern of work then they could claim the cost of a meal for attending that. As stated, this is a general guide, and as always it's best to take professional advice specific to your circumstances.
can I put my logo on a balenciaga t shirt? :)
No
There are several suggestions to consider before you start a cleaning business
Will you get help from you family?
Are you someone who is self-motivated?
Will you carry out the plan?
Do you have the funds to begin?
(I discovered these and why they work on Enata Setup System website )
HI, In case of 12 hours shift, do I get any specific allowances?
Many thanks.
dumb questions: Claim back all this from where?
Hi, regarding being a sole trader, if i'm travelling to a workplace on one day and the job is complete, does this count towards business travel? Thanks in advance
Hi, Dean.
Yes, if you travel to a location for one day only, you will be able to claim the travel.
However, If you start regularly going to this location you will have to stop claiming.
Your advice on Pension is not complete. Directors can contribute unlimited amount to their pensions as long as this contributions don't take the profit loss account into negative. And it reduced their corporation tax for the given year.
Thank you for Sharing this information really helpful advice.
Do you provide your services to self employed individuals. Is there a contact number for your services if offered
We absolutely do! Here's our contact number - an advisor can chat to you about how we can help: 0330 037 3408
Do you know anything about crypto currency investing and the best way to sort out taxes when cashing out? I know its a bit of a grey area at the moment