In this post, we will delve into what types of expenditure are considered allowable if you trade as a limited company and hopefully bring you a step closer to being comfortable with keeping on top of your expenses. Though we have already explained in our previous blog post how best to keep track of all the expenses that your business may incur, this is only part of the puzzle! Understanding how different types of business expenditure impact your business plays a vital role in allowing you to make better business decisions and importantly, pay the right amount of tax. This post, understandably, is a long one as there is so much to cover and so without further ado let’s give you some insight!

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The short answer is yes, and you may be surprised at just how common this is! There are countless individuals all around the UK that are both employed (full time or part time) while also being self-employed at the same time. The key difference between employment and self employment is that you are taxed at source when employed, whereas self employed income is paid gross (i.e. what you invoice for, you should receive) and the associated tax is calculated after inputting all of your business income and expenditure onto the self employed supplement within your self-assessment Tax Return.

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When operating as a Limited Company, it is not unusual for your business to purchase and hold assets for the purposes of trading. Thankfully, as these purchases will clearly be business related, they can qualify for tax relief which thereby reduces your company’s corporation tax bill.

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As is the case with all budgets, the announcements made impact different industries/pockets of the population and so for the sanity of those reading this, and as with all of our previous budget posts, we have only included the key aspects of the budget that impacts the majority of those that we look after. You may also note that we have included some sections of our previous budget analysis; this is because we firmly believe that both the information provided and advice outlined to you is still valuable to either act on, or at the very least be aware of.

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It is easy to lose track of your business expenses, especially as running your own business comes with a countless number of tasks and priorities which can be seen to be placed above keeping track of your receipts! However, when done right, managing business expenses should be an effortless activity that allows you to not only be more efficient but also gives you a clear idea as to how your business is performing- something that clearly has never been so important as it is today.

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There are a number of expenses to account for when running your own business; some of these will be large and easy to identify, but some naturally smaller and harder to classify. Sundry expenses encompass the smaller, irregular expenses that may not be attributable to a specific cost account that you have set up within your accounting systems.

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How much can be claimed for your laundry expenses, and if in fact you are able to claim at all for these costs, are dependent on a number of factors such as your working circumstances and indeed what type of clothes you are washing that you want to claim the tax relief on!

To help you establish if you are able to claim this cost, we have outlined some of these considerations below:

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Working from home, especially if you are a freelancer, has always been common place and so it is no surprise that a couple of common questions, even before March 2020 and the introduction of COVID into our lives, from the self-employed that we look after were “what expenses can I claim whilst working from home?” and “can I reclaim the costs of working from home?”.

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You may have heard the terms ‘allowable’ and ‘disallowable’ expenses discussed amongst your self employed colleagues and friends, or perhaps when speaking to your accountant, and have wondered what this actually means- and if this was the case, then you won’t be the first!

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No doubt the vast majority of you are aware, the eagerly anticipated Budget was announced by the Chancellor this week. This was a particularly important budget due to the very obvious economic position that our nation finds itself in, but also because the October 2020 budget was cancelled, with many fearing that this ‘super budget’ would contain some potentially damaging changes to taxpayers of all kinds.

The overall headline point for this budget is that all in all, it was not as extreme or damaging as many had feared.

Though the changes that we have outlined below will likely impact you to some extent, the Government have made the decision to keep the ship on an even keel, with no ‘major’ immediate changes until between 2023- 2026 (see below) in relation to many aspects of taxation and allowances that you as the reader will be both interested in, and affected by. We have outlined our overall view on the budget, and what implications it may have on our economy in the future at the bottom of this email, but for those who would prefer to simply understand how this budget impacts you, please see our breakdown below.

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Following the announcement that England will be going into full lockdown from Thursday 5th November through to Wednesday 2nd December, we wanted to update you as to the changes in financial measures implemented by the Government, as well as our recommendations for you based on the current landscape that we find ourselves in.

Though there are no ‘brand new’ measures that you need to be aware of, the below does breakdown the changes (both to dates and figures) for the existing/soon to commence schemes, and so hopefully this gives you the headline points that we feel that you should be aware of at this time:

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As you may now be aware, yesterday afternoon the Chancellor outlined further financial measures, following the now implemented new nationwide restrictions that we all must endure for what is likely the next six months. Unfortunately, and as to be expected, the measures outlined have yet to have the small print released- and if you have been following our emails to you throughout the post-COVID world, you will know that the devil is ALWAYS in the detail and so unfortunately we cannot at this point offer our full thoughts and recommendations.

We did believe, however, that it would be worth sending you across an email so as to ensure that you are aware of the headline points of the measures announced, and what they could possibly mean for your household. With that being the case, please find these below:

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With so much information being bombarded onto us all from all types of news sources, it is difficult to sometimes keep track of what is and isn’t relevant/important to you at the moment. With this is mind we wanted to get in touch to remind you of the upcoming availability to apply for the second and final SEISS grant.

It is important to understand straight away that if you were not eligible for the first instalment, you will unfortunately still not qualify for the second, but there is still the possibility of help available- and so see point 4 below. To repeat the very broken record, please do get in touch with your team member if you have any questions at all about the benefits etc that you are/are not eligible for, and we can talk you through your options and our recommendations for you.

For those fortunate enough to be eligible, please find below some FAQ’s that we hope will make answer most of the questions that you may have at this time:

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Along with numerous other vulnerabilities within the industry that COVID-19 has allowed us all to see, it’s clear that the biggest concern that the majority of people have had is, understandably so, their finances.

With the recent (and not so subtle) implications by the Chancellor that there looks to be tax equalisation around the corner, it is important now more than ever to know what you are entitled to as a freelancer in this period so that you can make the decision, if you want to, to claim accordingly. As well as that, we strongly recommend that both now and in the future, you take full advantage of our expertise in cash-flow management and allow us to help with you with managing your finances, to place you a in more comfortable position should anything like this happen in the future.

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As you will have likely heard, the original COVID-19 Business Interruption Loan (BIL) was poorly received and met with huge criticism. It is clear that though the Government had good intentions with the BIL, due to a number of factors it led to only a small number of businesses being successful in their application, and for the few that were successful it took weeks in some cases for the loan cash to actually hit their bank accounts.

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One of the organisations that we have been in talks with recently is the Film & TV Charity, and this email is to make you aware of a financial grant that is currently being offered by them, aimed at those who have, to date, fallen through the cracks of the Government’s current financial support measures.

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