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Tax Breaks for Directors - Part 1 Directors only - 10. Expenses - 10.1. Introduction
10.1. IntroductionA director can claim a tax deduction under the general rule for those expenses that are “wholly, exclusively and necessarily incurred in the performance of the duties of employment”; this is a notoriously tough rule. A similar but less tough rule applies for business travel expenses.Other rules mean that expenses paid by a company to or on behalf of a director count as income, but allow a corresponding deduction against the income where the rules mentioned above is satisfied. The line...Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.3. Computing the business profits - 4.3.5. When can I deduct the expenses that the business pays?
4.3.5. When can I deduct the expenses that the business pays?As under the accruals basis, income is included in the accounts when it’s earned, the things that the business spends money on are included in the accounts as they are consumed by the business. This is achieved in the following combination of ways:expenses should be included as they are incurred (i.e. the expense is included when the thing that gives rise to the expense is received)if goods are bought that are held as a stock of goods, that stock...Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.3. Benefits in kind - 6.3.1. What are benefits in kind?
6.3.1. What are benefits in kind?Benefits in kind are described in the tax legislation as a benefit or facility of any kind. This means that, apart from pay, anything that an employer provides to its employees that has some use or worth to them, even just for doing their jobs, is a benefit in kind.Some benefits in kind are tax free.Click here -
Slash Your Tax for Small Businesses - 6. Employing staff, PAYE & NI obligations and taxable benefits - 6.5. Tax-free benefits - 6.5.1. When are benefits tax free?
6.5.1. When are benefits tax free?The tax legislation sets out a number of exempt benefits, that won’t be taxable or liable to NI (employers’ or employees’) if certain criteria are met.Click here -
Slash Your Tax for Small Businesses - 9. Tax credits and other benefits - 9.1. Core questions - 9.1.1 What bearing will my business have on my entitlement to benefits?
9.1.1 What bearing will my business have on my entitlement to benefits?The UK currently has a complex system of benefits, some of which are means tested according to your income and the amount of capital you had and some of which are only available if you work less than a certain number of hours per week (less than 16 hours per week is quite typical).People working in their own businesses will generally not be entitled to these minimum hours-based benefits, but the means-tested benefits will be relevant,...Click here
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