Ways To Reimbursement For Limited Company

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Cubed Consultancy
Ways To Reimbursement For Limited
Company Presentation By Mark Munnelly
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Every company has additional costs involved that
contribute to the daily running of
business. Whether its wi-fi bills, phone bills,
software for computers or even just heating the
office, there are plenty of incurred costs
before business even begins. In this article,
well run through the expenses that you can
claim back through HMRC and the best way to go
about it.
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INTRODUCTION
Cubed Consultancy
Mark Munnelly is a Chartered Accountant with a
career spanning 18 years with top 10 firms and
independent accountancy practices. His expertise
covers all accounting disciplines and his
passion is partnering with clients to reach
their business and financial goals, even under
the most challenging conditions.
Mark Munnelly
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THE BASICS ABOUT CLAIMING EXPENSES AS A LIMITED
COMPANY

• Claiming back expenses for your company is one of
  the most rewarding aspects of dealing with HMRC
  - but there are some key rules you need to
  remember
• KEEP DETAILED RECORDS
• THEY MUST BE EVERYDAY EXPENSES
• PAY THEM THROUGH THE COMPANY ACCOUNT
• KEEP IT TO THE BUSINESS
• CORPORATION TAX

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What can you claim as a business expense as a
limited company?
The list of allowable expenses are as follows

• Phone bills
• Any phone contract that is used solely for
  business purposes and is registered in your
  companys name can be put down as a business
  expense. If its a personal phone but you
  occasionally use it for work calls, youll need
  to separate the business calls from the personal
  calls.
• Travel Expenses
• As mentioned earlier, travel expenses can be
  claimed by a limited company but only if you can
  prove they are used for the sole purpose of work.
  This can include
• Flights
• Car, motorbike, or cycling costs
• Parking
• Toll Fees
• Some hotel room charges
• All public transport fees
• Vehicle repairing and insurance
• But only as long as you can prove it is essential
  for work!

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Staff Costs
Office Costs
Equipment
Salaries for employees, payments for
contractors, pensions, bonuses and training
courses all count as staff costs.
As well as phone bills and furniture costs, you
can also claim rent, power and heating bills
and insurance costs as long as they are solely
used for company business.
Whether its laptops, scanners, wi-fi or
printers (which seldom work), if you can show
you need the equipment as company director, you
can claim it as an allowable expense (even
office furniture and desks, as long as theyre
used for work!)
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How to keep a record of business expenses
Running a successful business requires a
tight-knit operation itself dealing with
reimbursements from HMRC requires even more
diligence! It wont take much for HMRC to
dismiss any claims for expenses if they suspect
anything is not quite right or without evidence
to back it up. Make sure all physical and
digital copies of receipts are kept for every
expense, whether its the ink for your printers
or flights to a business conference. If the
business paid for it, keep a record of it.
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How to Claim for Expenses as a Limited Company
There are a few methods to do this. You can
either pay your companys expenses straight out
of your business account, or you can pay it
directly out of your own pocket if you have the
funds and later reimburse yourself via business
expenses. Its also worth noting that employees
can also claim for business expenses, so its
worth creating a policy within your company that
ensures staff know how much theyre allowed to
spend and on what, and to then keep hold of all
their receipts which you will collect at the end
of each month!
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If you have any other concerns or questions about
reimbursements from your limited company that
havent been addressed in this article, or
require expert opinion on how to handle your
business expenses, then please get in touch with
us here at Cubed Consultancy. We are a
Hertfordshire based consultancy company headed
by two chartered accountants, Mark and
Richard.With years of financial experience
between us, we work closely with all types of
clients, whether they are individuals or
businesses, in order to tailor to everyones
unique financial needs and requirements. Get in
touch with us today and book a free consultation
call via our website!
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Thank You!
Mark Munnelly https//cubedconsultancy.com/
mark.munnelly_at_cubedconsultancy.com
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