Tag Archives: Tax

Tax and VAT implications on gifts

Tax and VAT implications on gifts

It’s that time of year again when we all start to think about the dreaded “C” word and plan our festive season. For some businesses, it is a time where they like to take the opportunity to acknowledge, thank or reward some of their customers and/or employees by giving gifts. But what are the tax […]

What are Depreciation and Capital Allowances?

Depreciation & Capital Allowance

As I talk you through your accounts you will see depreciation in the statutory accounts for Companies House, but when it comes to the corporation tax computation for HMRC it is disallowed, why’s that?   When a company purchases a fixed asset (ie machinery, computer equipment, furniture, vehicles etc) HMRC and Companies House will deal with […]

Can I pay my personal tax bill through my limited company?

Can I pay my personal tax bill through my limited company?

We often get asked this question, and the official answer is you should either save up personal funds to pay your tax bill, or withdraw the funds from your business as a dividend.  Then pay your tax bill to HMRC from your personal account. However, we do know in reality this is a bit of […]

Can I put food and drink through my limited company?

can I put food and drink

What’s your favourite food? Is it a tea or coffee you need to keep your eyes open for your commute in the morning? Or on a night out, what’s your cheeky cocktail of choice? Now, how much better do all of those things taste when you know they’re being paid for through the business, reducing […]

Is my Christmas party tax deductible?

Is our christmas party tax deductible

Sorry to mention the C word in early September, but I know I’m not the only business owner already thinking ahead to booking a Christmas do!  I’ve seen the local venues advertising their festive events – and already panicking we may be too late to book the do of our choice! But before you go […]