Allowable Expenses through your Limited Company 💶

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What expenses are allowable for company tax relief through a Ltd Co? What can be claimed and which expenses cannot? These are just 2 of the questions this video addresses.
🌍Follow the link below🌍 to ask a qualified accountant your specific question on making an expense claim
www.aidhanfinancial.com
Not all expense claims are straight forward and HMRC (UK) do not issue a prescriptive list of allowable or non-allowable expenses. Therefore, if you have a high ticket item or recurring expense transactions that accumulate into a material amount, it's always worth obtaining a professional qualified opinion.

[@tonydCFO]

Thank you for watching our latest video, aimed at enhancing your financial literacy and provide you with the knowledge to make informed decisions about both your company and personal finances. Please leave a comment below if you have any questions and in particular, if there any company or personal finance related topics you would like us to cover in the future.

[@jaysenb]

Excellent video, this is nice to see claiming expenses in a table

[@tonydCFO]

Much appreciated Jimmy P, thank you for your support 👍

[@benwalkeryt]

With 'wholly and exclusively' does it take into account the marginal expense? For example; if I'm a small business owner who needs to work from home, and thus I need a larger property with a study - is it acceptable to claim on a portion of a value of the expense on the mortgage / rent? Given that, although the whole property isn't wholly and exclusively for the business, the additional requirement in space and thus expense is wholly and exclusively for the business.

[@VincentComet]

Should be able to claim exactly the same as MP s claim but alas no one rule for them and another for us

[@tonydCFO]

Hi Judojack....yep MP expense allowances certainly stir up a debate!

[@jackpilkington6770]

Thank you Aidhan

[@tonydCFO]

You're welcome Jack and thank you for your support.

[@dharmikrawal]

Hi Tony, thanks for your posts. Couldnt find any video on accommodation, can you share the link or more details please? thanks

[@tonydCFO]

Hi Dharmik, we'll take a look into this.

[@jakeamymckenna2256]

What about legal fees incurred on the acquisition of a business?

[@nssonsmotors2470]

you pay less corp tax if you claim expenses but your profits show lower at 64k where as if you dont your table shows the company will be at a profit of 81k? would this not be better if you are wanting to build your business say for commercial lending etc?

[@VincentComet]

Clothing is allowed for safety workwear like overalls

[@tonydCFO]

Hi JudoJack, thank you for your comment. You are correct, if it is clothing that is particularly necessary for health and safety, then it is allowable 👍

[@countylivinginstyle2830]

What about working from home mortgage and bill deductibles via charging the company rent??

[@tonydCFO]

This may help >>> www.gov.uk/tax-relief-for-employees/working-at-home

[@VibrantDesigns]

Hey, I work from home, and work 16 hours a day on a PC, can I claim for electricity bills? Can I claim rent?

[@tonydCFO]

Hi Vibrant Designs, yes you should be able to. Our comprehensive blog should help you >>> aidhanfinancial.com/working-from-home-tax-deduction/

[@VibrantDesigns]

@@tonydCFO Cheers!

[@swiftgames5382]

I think they are keeping the tax as 19% now and not dropping it down to 17% . Is that correct?

[@tonydCFO]

Hi Swift Games, if you are referring to corporation tax in the UK, then yes, this is correct.

[@DM-em6yo]

Hello, I have a small restaurant and we do food delivery. Can I claim the petrol from the delivery service as allowable expenses? Thank you in advance.

[@tonydCFO]

Hi Dikra, The rule of thumb here is so long as the expense is 'wholly and exclusively' for the purpose of business (and not for personal gratification), then it is an allowable expense.