Monthly Archives: July 2023

When working, incurring expenses is sometimes necessary. Depending on the job, these costs can be for various different things such as travel and lodging or membership fees and subscriptions. Typically, when an employee has incurred the cost, they will file an expense claim to have it reimbursed by their employer. Sometimes companies also offer payments at a set rate for certain expenses. It’s important to understand your employer’s system and file claims correctly if you need to claim expenses for anything. That way, you can be sure you’ll get reimbursed promptly and without any issues. Reimbursed expenses As an employer, […]

Reports show that tax investigations carried out by HMRC are back to pre-pandemic levels… and some. Tax investigation activity by HMRC has reflected the turbulence in the economy over the past few years. This meant that there was a significant reduction in activity whilst both business owners and HMRC themselves worked to manage the changes that came about during the COVID-19 pandemic. In the mid-part of 2020, there was an initial dramatic reduction in the number of claims made against our Tax Fee Protection Insurance Policies. However, this was followed by a steep increase in claims towards the end of […]

Full Expensing

Full expensing, which replaced the super-deduction on 31st March 2023, makes it far easier for companies to claim immediate deductions on qualifying expenditures. It’s a beneficial incentive for businesses! Unfortunately, unincorporated businesses can’t take advantage of full expensing. However, the Annual Investment Allowance (AIA) could be the perfect alternative, with businesses able to claim a full 100% deduction on qualifying expenditures up to a maximum of £1 million. This is excellent news for business owners looking to invest in their companies and maximise their financial resources! Nature of full expensing Full expensing is excellent news for businesses as it allows […]