Ltd Company Set up, and Nearly Starting

[Clare@InTouch]

The incorporation fee can be claimed, but must be added back in your CT comp. You also cannot claim any VAT on it.

Use of home is now £4 a week.



From an expenses point of view you can claim anything that you need in order to run the business. If there’s a personal benefit there will likely be a personal tax implication, and reporting on a P11D. Some ideas of expenses:

Eye tests
Computer equipment
Postage & stationery
Books & technical manuals
Professional subscriptions
Insurances – professional indemnity, public liability
Travel to the client site – but do not claim petrol, that’s covered in mileage
Lunch, if you’re out on business all day (not packed lunch)
Breakfast if you have an unusual early start
Dinner if you have an unusual late finish

If you’re staying overnight you can claim the cost of accommodation, plus a round £5 overnight allowance. £10 a night if its abroad.

You can claim the cost of a yearly staff function where you can spend up to £150 per person.

There are other items you can pay for through the company, but they should come direct from the bank itself, not be expenses claimed:

The cost of your mobile 'phone if you get the contract swapped into the company name
Contributions into your personal pension
Payments for a registered childminder – up to £55 a week if you're a basic rate taxpayer (ignoring dividends)

Some rules are odd, so if there's anything else you're not sure of just ask

[northernladuk]

Hi All,

<stuff that is in newbie guides>

Thanks in advance

You know a good accountant can proactively advise you of all this so saving you money above and beyond his charges.

[TheFaQQer]

• Training Courses & Exam Certification

Watch that one - there's a few rules to be careful about whether it's claimable or not, depending on the training you are doing and what your skills are.

What does your accountant say about claiming training costs?

[Contreras]

Unless you already know everything, buy the latest version of Finance on a Beermat: Amazon.co.uk: Mike Southon, Chris West, Stephen King, Jeff Macklin: Books

That will tell you what you need to know re Corp tax (don't spend it, it's not yours. etc)

Looks like dyven bought the last remaining Amazon copy.

Just had a look at this with a view to getting a copy myself, the one mentioned by Cojak is published 2006, but there's also a later edition published 2008. Will probably go for the later edition but I noticed that one of the original authors (Mike Southon) is no longer credited as co-author, which seems a bit odd.

[dyven]

Watch that one - there's a few rules to be careful about whether it's claimable or not, depending on the training you are doing and what your skills are.

What does your accountant say about claiming training costs?

Lol, whell actually my very professional accountant OFA (Online & Forum Accountants) advises that training costs for skills directly related to your business is acceptable e.g. I specialise in Business Intelligence so any courses related to my specific specialism is fine although within IT you could easily argue about other areas which may interact with your specialism. But don't try to claim for a training course on Bee Keeping or some such!! Unless of course you are are clever enough to argue that Bee Keeping will provide you with some management skills!!!

[ASB]

You can claim the cost of a yearly staff function where you can spend up to £150 per person.

I beleive it can be any number of events (though that doesn't improve the total amount claimable).

HM Revenue & Customs: Social functions for employees, including annual parties
EIM21691 - Particular benefits: annual parties and other social functions: examples

[northernladuk]

Lol, whell actually my very professional accountant OFA (Online & Forum Accountants) advises that training costs for skills directly related to your business is acceptable e.g. I specialise in Business Intelligence so any courses related to my specific specialism is fine although within IT you could easily argue about other areas which may interact with your specialism. But don't try to claim for a training course on Bee Keeping or some such!! Unless of course you are are clever enough to argue that Bee Keeping will provide you with some management skills!!!

That is TF's exact point. They aren't easily arguable. They are either directly related to your business or they are not. Doing some training in another technology that you do not use to try branching out would not. There are degrees of risky here but to use a blanket comment is not correct. I think the problem word you use here is 'may'

Training has been discussed in great lenghts in other threads so don't want to take this off topic