Reply to: LTD Company Expenses ?

[Robot]

Mine always finds a way of putting something like that through - may be reclassified into different areas, but it always goes through.

Like the new central heating system that I had a couple of years ago....

Is your accountant a member of a professional body?

Hiding expenses is a BIG NO NO, yes ok you sign the accounts so it is your responsibility but if your accountant is doing this for you, what is he doing for other clients and that’s what HMR&C may just ask him.

[SueEllen]

I seem to recall that you have got to be careful if claimimng above the £3 per week allowed by HMRC and then go down the total bills divided by number of rooms route as that my imply that part of the property belongs to the Company. This can then mean any future profit on the sale, the element that has been used in the calculation of the bills will be treated as income for the Company and therefore liable to tax. Using the £3pw calculation does not invoke this any profit is OK provided property is the main residence.

You are presuming that every single contract means you spend a significant amount of time working from home.

If I don't spend a significant amount of time at home working I don't claim it as due to having an efficient gas boiler claiming a week's worth of bills is simply not worth it.

[TheFaQQer]

I've had the house redecorated, new carpets and curtains, everything.

That's gone through the books as "refurbishment of registered office".

The accountant hasn't seen that yet though, so I don't know what he is going to say about it.

Mine always finds a way of putting something like that through - may be reclassified into different areas, but it always goes through.

Like the new central heating system that I had a couple of years ago....

[Ruprect]

I've had the house redecorated, new carpets and curtains, everything.

That's gone through the books as "refurbishment of registered office".

The accountant hasn't seen that yet though, so I don't know what he is going to say about it.

Oh dear

[norrahe]

found this useful website which gives links to HMRC website about working from home.....says i can claim £2 pw not much but i will discuss with accountant.

http://www.bytestart.co.uk/content/o...eworking.shtml

according to my accountant i can pay myself £520 a year for "use of home as office"

[TheFaQQer]

Damn , Just realised I have already ploughed about £33k into my child's nursery over the last 3yrs . I have not even managed to pay a tiny fraction of that amount off my mortgage! Now she is going into school in January.

can i backdate this voucher stuff? over a period of time or at least the current tax year?

css_jay99

I doubt it, unless you haven't paid the childcare bills - you need to get the vouchers, and give them to the childcare provider instead of cash. They need to be OFSTED registered as well, IIRC.

[css_jay99]

Try using the search facility here as a starter. Then talk to an accountant if you need more information.

Damn , Just realised I have already ploughed about £33k into my child's nursery over the last 3yrs . I have not even managed to pay a tiny fraction of that amount off my mortgage! Now she is going into school in January.

can i backdate this voucher stuff? over a period of time or at least the current tax year?

css_jay99

[Gonzo]

Be careful claiming home \ office expense. This can give HMRC legitimate reason to enter your home in any tax investigation. If you dont claim home \ office expenses they dont have the same powers.

Is it really worth it?

I've had the house redecorated, new carpets and curtains, everything.

That's gone through the books as "refurbishment of registered office".

The accountant hasn't seen that yet though, so I don't know what he is going to say about it.

[BolshieBastard]

Be careful claiming home \ office expense. This can give HMRC legitimate reason to enter your home in any tax investigation. If you dont claim home \ office expenses they dont have the same powers.

Is it really worth it?

[TheFaQQer]

child care vouchers?!

how does that work, i am currently burning away £950 monthly to my little one's nursery. How do i find more info on this?.

css_jay99

Try using the search facility here as a starter. Then talk to an accountant if you need more information.

[css_jay99]

child care vouchers?!

how does that work, i am currently burning away £950 monthly to my little one's nursery. How do i find more info on this?.

css_jay99

[Moscow Mule]

Server rental.

My company is involved in R&D on a couple of potential products. It rent's space on an i5 in yankeeland somewhere.

[BA to the Stars]

I claim £50/month for utility bills for working at home, based on a formula I found somewhere based on how big your house is and how much you use for work, and how exclusively this area is used for work.

I was having dinner with a client, I would simply pay on my business credit card from MyLtd's business account. I'd keep receipts and have an email record of arranging to meet.

I seem to recall that you have got to be careful if claimimng above the £3 per week allowed by HMRC and then go down the total bills divided by number of rooms route as that my imply that part of the property belongs to the Company. This can then mean any future profit on the sale, the element that has been used in the calculation of the bills will be treated as income for the Company and therefore liable to tax. Using the £3pw calculation does not invoke this any profit is OK provided property is the main residence.

[lambrini_socialist]

You can claim breakfast and dinner when you are away from home or working a very long day and need to eat in the office. You can't claim lunch as everyone is expected to eat lunch and pay for it where ever they are. The food can be either cooked meals or from the supermarket but you need to have the receipts.

since i started myco (less than a year ago) i've been claiming for all my lunches. needless to say, i've been eating well....i guess i'll get a telling off from my accountant at year end, then.

[diesel]

found this useful website which gives links to HMRC website about working from home.....says i can claim £2 pw not much but i will discuss with accountant.

http://www.bytestart.co.uk/content/o...eworking.shtml