After the unprecedented events of 2020, employer’s ability to say thank you to their employees and clients has never been more important. But, with the COVID-19 restrictions in place, companies are having to think of alternative ways to wish employees a happy Christmas and are moving their annual office parties online.
With Christmas fast approaching and the festivities getting into full swing – it’s time to consider what Christmas party expenses you can claim via your limited company.
The deadline to file your 2018/19 self-assessment is less than 100 days away – HMRC is urging taxpayers to complete and file before the busy Christmas and New Year period arrives.
Capital allowances are a form of tax relief when your business buys a capital asset such as machinery, equipment or vehicles. They are regarded as a business expense, and you may be able to deduct some of the cost away from your profit before working out the tax you owe.
Many end-clients require contractors to be at least partially on-site, but negotiating some time to work from home (WFH) is entirely feasible. Whether you provide services through an agency or directly to the end-client, it’s important to approach working from home with care.
Christmastime is a great time to be rewarded for a year of hard work – and contractors can benefit too. Whether you’re a one-person limited company or a company with 50+ employees, you can claim for some Christmas party expenses to be exempt from tax and National Insurance (NI).
Do the terms ‘rechargeable’ and ‘non-rechargeable’ expenses confuse you? We break down the differences of both to help you operate your limited company efficiently, and explain how these expenses can help you to maximise your take home pay further.
Working from home can be deemed a luxury to some however, the costs associated can be quickly forgotten and ultimately hit you with a surprise when certain bills drop on the doormat. Another luxury for Contractors however is that you can offset a proportion of these expenses against tax.
We all need to eat, and buying it can be quite expensive, especially if you’re away from home.
