Clever turnover/expense maxmising tips?

[srennocks]

Having been in this game for almost 10yrs now, I try to keep tabs on all the latest attempts by Hector to grab our money, but also try to find new ways of maximising my turnover / finding ingenious new ways of legitimately claiming additional expenses.

I still find there are far too many contractors using fee charging bank accounts, not on flat rate VAT scheme, and no nothing about xmas/social party expense claims.

Just wondered if anyone got any clever ideas for increasing turnover or alternatively maximising expenses (legitimately) that they don't think many others know about ?

[BOBJ]

Well I only found out relatively recently that you can claim all calls on a mobile as expenses.

[srennocks]

Well I only found out relatively recently that you can claim all calls on a mobile as expenses.

Yup, providing the mobile is in the company name. Suspect, but haven't done it yet, you can have one for the co.secretary as well - anyone put me straight on this one ? Also have a business phone line (helps slightly with IR35 business in own right) + broadband, both of which I put thru the company.

[PAG]

Yup, providing the mobile is in the company name. Suspect, but haven't done it yet, you can have one for the co.secretary as well - anyone put me straight on this one ? Also have a business phone line (helps slightly with IR35 business in own right) + broadband, both of which I put thru the company.

I am sure you can not justify Co. sec having a mobile. This has been discussed and the known accountant on this forum confirmed that. However, 1 phone on co name is exempt from BIK and you can make personal call on it.

[boredsenseless]

I am sure you can not justify Co. sec having a mobile. This has been discussed and the known accountant on this forum confirmed that. However, 1 phone on co name is exempt from BIK and you can make personal call on it.

True but another director can have a mobile that is fully expensed so long as it is in company name

[ratewhore]

I still find there are far too many contractors using fee charging bank accounts, not on flat rate VAT scheme, and no nothing about xmas/social party expense claims.

Why would I be on the flat rate scheme if I expense shedloads?

[Maxamus]

you can put broadband through the company aswell?

[PAG]

you can put broadband through the company aswell?

I do. As I send all my invoices via mail and also host web site.

[srennocks]

Why would I be on the flat rate scheme if I expense shedloads?

Not suggesting you expense shedloads - obviously if it starts to rack up to a really sizeable chunk a year then may be better off coming off flat rate VAT.

However for stuff you genuinely want and can expense for, then better off doing so rather than paying out of own pocket after tax.

[srennocks]

I have heard of occassions of contractors putting home cinema / hifi equipment through their company, PS2's/Xboxs, and other slightly dubious stuff all under the dubious suggestion that it's for R&D purposes! If you're accountant is really doing his job he'd block these sorts of things on the grounds of the risk/explaining you'd need to do if the revenue ever questioned them.

Just my two pennies worth, although I did make a few dubious expense claims in my first year of contracting!