Claim and save tax
At Sackmans Accountants North London we are always looking for ways to reduce our client’s tax bills.
Some tax planning can be complicated but the basics are always worth considering. Here are a few expenses you can legally claim in your company to reduce tax:
- Rent for using your home as a base
- Mileage for business trips*
- Mobile phone for personal use
- Costs of working away from home
- Business magazines and books
- Eye tests
- Annual health checks
- Salary to your kids**
- Car parking
- Up to £150 per person a year for staff parties
- Providing a bicycle
*Business trips can start when you leave your home, if your business is based at home.
**To claim paying your children, they need to actually work and the pay needs to be reasonable. But, this could save you £4,000 a year per child.
Bear in mind that you need to be running a company for these expenses to be tax deductible. If you are a sole-trader you would not be able to claim these costs.
If there is any doubt there is an A-Z list http://www.hmrc.gov.uk/payerti/exb/a-z/a/index.htm