Originally posted by Alan @ BroomeAffinity
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Travelling expenses
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Originally posted by PerfectStorm View PostThis is a new one on me...?Comment
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Thanks for the replies. So, for the avoidance of any doubt on my part am I ok to claim for the full expenses listed below? (So long as I am mindful of the 24 month rule).
The fact that these would be the same cost each month wouldn't present any issues?
Train - £550
Car Park - £80
Mileage - £150
Oyster - £100Comment
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Originally posted by tails007 View PostThanks for the replies. So, for the avoidance of any doubt on my part am I ok to claim for the full expenses listed below? (So long as I am mindful of the 24 month rule).
The fact that these would be the same cost each month wouldn't present any issues?
Train - £550
Car Park - £80
Mileage - £150
Oyster - £100Comment
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Originally posted by tails007 View PostThanks for the replies. So, for the avoidance of any doubt on my part am I ok to claim for the full expenses listed below? (So long as I am mindful of the 24 month rule).
The fact that these would be the same cost each month wouldn't present any issues?
Train - £550
Car Park - £80
Mileage - £150
Oyster - £100Comment
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Originally posted by tails007 View PostThanks. .. 20% is quite a lot on that amount. ... is there another option then that I'm not seeing?
Can you rephrase your question?
To make it clearer, the money in your company account has been earned by, and is owned by your company.
But effectively, you are going to pay it out as salary and divvies to yourself (and maybe your wife as a shareholder if you are set up that way), as well as pay corp tax on the profit.
So when you "claim" expenses, it is coming out of money you would have paid out to yourself anyway. By having your company reimburse you the employee the whole travel amount, you then will not have to pay 20% corporation tax on that amount had it stayed in your company.
So your not getting a free £1000 for example, you are only saving 20% of that, £200 overall.
And you don't receive that £200 from anywhere, either to you personally, or to the company, your corp tax bill is just £200 less.Comment
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Originally posted by v8gaz View PostWhy wouldn't it? Its a personal allowance, not a per-business allowance. And I appreciate that the logic makes no sense.Comment
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