What is classed as business mileage? Business mileage is an important – but often overlooked – expense for sole traders, contractors, and directors employed by their limited companies. Business mileage covers the miles you travel for business purposes, such as travelling to a client. You must only claim for journeys that are “wholly and exclusively” […]
Travel expenses are generally allowed as a business expense where all of the following conditions apply: You’re responsible for paying the travel costs The travel you’re undertaking is necessary for your work, i.e. your attendance at the place you’re travelling to is mandatory The travel shouldn’t be ‘ordinary commuting’. HMRC defines a commute as the journey you […]
Who can be a company director? There are no formal qualifications required to become a company director. A director must be at least 16 years old, must not be an undischarged bankrupt and cannot be disqualified from being a director by a court. What is a director of a limited company? There is a clear […]
In this article we take a closer look at the P11D form, including what you need to include on it, when you need to file it, and – most important of all – what will happen if you don’t fulfill your P11D duties. What is a P11D? The P11D form is used to report benefits in […]
Benefits in kind are benefits that employees or directors receive from their company which are not included in their salary or wages. Not all benefits in kind are treated in the same way by the tax system. Some are not taxed, but others are, and it can be hard to figure out where you stand. As well […]