PAGES: 296
ISBN: 9781911020837

Putting It Through the Company

Tax Planning for Companies & Their Owners

by Carl Bayley & Nick Braun

This guide answers one of the most frequently asked tax planning questions “Can I get my company to pay for it?” by explaining the rules for dozens of different business expenses.

Published in January 2024, the guide is completely up to date with all the latest tax changes affecting companies. It's essential reading for ALL company owners, including property companies.

In many cases it’s possible to score a Tax Triple Win, with the expense enjoying corporation tax relief, VAT relief and with no tax payable by you the company owner.

The focus is on some of the less obvious tax deductions, such as getting your company to buy you an electric car, putting some of your household costs through the company when you work from home, and over 30 tax-efficient perks that can be enjoyed by you and your employees.

After reading this guide you should be fully armed with all the knowledge you need to decide what should and should not be put through the company.

Times Review ICAEW Review

What Information is Contained in the Guide?

Win, Win, Win!
Chapter 1 looks at some of the fabulous savings on offer if you score a Tax Triple Win: corporation tax relief and a VAT refund, with no tax payable by you the company owner/director.

Understanding Company Tax Deductions
Chapter 2 provides a plain English explanation of the rule that lies at the heart of nearly all business deductions: they must be “incurred wholly and exclusively for the purposes of the business”. Vital for better understanding what expenses your company can claim.

Claiming Back VAT
Chapter 3 moves onto recovering VAT on company expenses. “Similar but different” sums up the difference between saving corporation tax and VAT. You need to know those all-important differences to obtain the best results. There's also new information on the pros and cons of the flat-rate scheme and refunds that can be claimed when you first register for VAT.

Director’s Expenses
Chapter 4 looks at the tax treatment when you incur expenses on behalf of the company or there is some personal benefit involved (e.g. travel and subsistence, entertainment, fees and subscriptions, home office costs). We look at how and when you can recover these costs from the company.

Saving Income Tax
Chapter 5 shows how much income tax you can save by putting expenses through the company instead of paying them yourself out of after-tax income. We also look at the most tax-efficient way to extract salary and dividends from your company this year, including when paying yourself a salary of more than the £12,570 personal allowance will save more tax.

Also how charging your company interest on money it owes you can save thousands of pounds: interest income is better than dividend income!

Employing People
In Chapter 6 the focus is minimizing the cost of employing people in your company (for example employer's national insurance) and also covers paying directors and family members.

Tax-Free Benefits
In Chapter 7 we examine over 30 tax-efficient benefits that can help keep staff happy and keep your payroll costs down. And, very often, you can benefit too! Even taxable benefits can lead to huge savings - in one example the company saves over £5,000!

Capital Expenditure
Chapter 8 looks at tax relief for capital expenditure on machinery, equipment, computers, furniture, you name it. There is a dazzling array of allowances available at the moment and we navigate you through the maze.

Tax-Efficient Motoring
Chapter 9 takes a very detailed look at motoring – what you can claim back from the company and how to get the best tax relief. In some cases (e.g. company vans and electric cars) the savings are astounding.

Chapter 10 examines whether to rent or buy, whether to own the company premises yourself, and what you can claim if you’re working from home. We also look at all the property running costs you can put through the company.

Other Expenses
In Chapter 11 we run through some of the other really important items that you can put through the company. These include office supplies and equipment (things like waiting room sofas, TVs, vacuum cleaners, fridges, coffee machines, toilet paper, lightbulbs, weedkiller), advertising and sponsorship, website and internet costs etc.

Click here to read the full contents listing and first section of the book

About the Authors

Carl Bayley BSc FCA began his career as a chartered accountant over 40 years ago and is now one of the country’s most respected tax experts. He was Chairman of the Tax Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW) from 2015 to 2018 and served as a member of the institute's governing council from 2003 to 2023.

Nick Braun PhD is Taxcafe's Managing Director and has been involved in the tax publishing world since 1989 as a writer, editor and publisher.

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