Category: Expenses

How do I calculate my working from home expenses?

Limited Company Directors: Here at Gold Stag Accounts, we can help provide a rental agreement between you and your Limited Company to ensure you are claiming the correct amount of working from home expenses. Check out this Freeagent infographic. Sole Traders:


Managing a rental business from home

A landlord will often manage their property rental business from home, and in doing so will incur additional household expenses, such as additional electricity and gas, additional cleaning costs, etc. As with other expenses, the landlord can claim a deduction for these when working out the profits of the rental business. Most unincorporated landlords will…


Travel expenses and the 24-month rule

As a general rule, employees are denied a tax deduction for the cost of travel between home and work. Likewise, subject to a few limited exceptions, if the employer meets the cost of home to work travel, the employee is taxed on it. One of the main exceptions to this rule is where an employee…


Here are the conditions you need to meet to get tax relief on expenses before letting out a property

Claiming a deduction for pre-letting expenses For tax purposes, a property rental business begins when the first property is let. However, it is likely that the landlord will have incurred some expenses prior to that date in getting the property ready to let and in finding a tenant and agreeing the let. Once the letting…


Wanting to employ a family member? Read this first #familybusiness #tax

Employing family members It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps in the business. Their duties could, for example, include answering the phone, going to the bank, bookkeeping and other administrative tasks. The tax legislation specifies that ‘in…



Do you provide your employees with a van?

In this article, we explain the tax aspects of using a works van If an employee is able to use a work’s van for private use, which generally includes home-to-work travel, there will be a taxable benefit and a subsequent tax charge. From 6 April 2019, the flat-rate van benefit charge has risen from £3,350…


Simplified deductions where your business is based at home

Many small businesses are run from home. Where a business is run from home, household costs will be incurred which are attributable to the business. These may include additional costs of gas and electricity to provide heat and light to the home office or workshop and to power the computer or equipment, the costs of…


Employees: tax-free benefits to keep them healthy

More than 25 million working days are lost annually due to work-related ill health matters, including the two leading causes of workplace absence, namely back injuries and stress, depression or anxiety. There are however, several areas where employers can use tax breaks and exemptions to help promote health and fitness at work. Gym facilities and…


Thinking of buying a doer upper as a buy-to-let? Get tax relief on the interest

Interest relief for renovation or development costs Often, when a property is purchased there is work to be done before it can be let out or sold. Where this work is financed by a mortgage or other loan, the way in which and the extent to which relief is available for the interest costs depends…