Infographic expenses freelancers can claim. from www.march mutual.comStevie Mitchell
Here at MarchMutual we’re always being asked by freelancers and contractors “what expenses can I claim”. We’ve created this infographic detailing all the expenses as a freelancer and contractor you’re allowed to claim. - See more at: https://www.marchmutual.com/blog.php?act=view&post_id=6179#sthash.NX5QeYkc.dpuf
This document provides information about setting up a business and VAT rates in the Netherlands. It discusses:
1) Several legal forms a business can take such as sole proprietorship, partnership, or private limited company.
2) VAT rates of 19% for luxury goods and 21% for air travel which includes a 2% environmental tax.
3) Requirements for setting up a business including registering with the Chamber of Commerce and obtaining necessary permits from the tax authorities.
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The document provides a comparison of taxes, permits, and regulations for founding a travel agency company across several European countries. Some key points included:
- Taxes vary by country but generally include value-added tax (VAT) of 6-25%, corporate/business taxes of 19-45%, and sales or other indirect taxes.
- Required permits and licenses to operate a travel agency include business licenses, commercial registration, minimum capital requirements ranging from €8,000-€35,000.
- Regulations for employees include standard work hours, annual leave entitlements, mandatory insurances, and employment contract terms that differ by country.
- Costs of operating a business include rent, advertising,
This document provides tips for self-employed individuals regarding taxes. It discusses start-up costs that can be deducted or amortized. It also covers hiring employees, using your home for business, vehicle and travel expenses, estimated tax planning, retirement plans, and additional tips such as keeping good records.
Part 03 its business time - working for 'yourself'.Les Bicknell
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Infographic expenses freelancers can claim. from www.march mutual.comStevie Mitchell
Here at MarchMutual we’re always being asked by freelancers and contractors “what expenses can I claim”. We’ve created this infographic detailing all the expenses as a freelancer and contractor you’re allowed to claim. - See more at: https://www.marchmutual.com/blog.php?act=view&post_id=6179#sthash.NX5QeYkc.dpuf
This document provides information about setting up a business and VAT rates in the Netherlands. It discusses:
1) Several legal forms a business can take such as sole proprietorship, partnership, or private limited company.
2) VAT rates of 19% for luxury goods and 21% for air travel which includes a 2% environmental tax.
3) Requirements for setting up a business including registering with the Chamber of Commerce and obtaining necessary permits from the tax authorities.
Tax Planning in China - Individual Income TaxNCO China
This document provides an overview of individual income tax (IIT) for expatriates working in China. It discusses how IIT is determined based on length of stay and income source. For employment income, IIT is calculated by subtracting a monthly deduction from monthly salary and applying tax rates from 5-45%. Service contract income IIT subtracts 20% of fees over RMB4,000 as a monthly deduction before applying tax rates from 20-40%. Expats with over RMB120,000 annual income or salaries from multiple companies must declare IIT to authorities within three months of the tax year. The document provides examples of IIT calculations and offers some tax planning tips.
The document provides a comparison of taxes, permits, and regulations for founding a travel agency company across several European countries. Some key points included:
- Taxes vary by country but generally include value-added tax (VAT) of 6-25%, corporate/business taxes of 19-45%, and sales or other indirect taxes.
- Required permits and licenses to operate a travel agency include business licenses, commercial registration, minimum capital requirements ranging from €8,000-€35,000.
- Regulations for employees include standard work hours, annual leave entitlements, mandatory insurances, and employment contract terms that differ by country.
- Costs of operating a business include rent, advertising,
This document provides tips for self-employed individuals regarding taxes. It discusses start-up costs that can be deducted or amortized. It also covers hiring employees, using your home for business, vehicle and travel expenses, estimated tax planning, retirement plans, and additional tips such as keeping good records.
Part 03 its business time - working for 'yourself'.Les Bicknell
This document provides information for individuals who are self-employed or working for themselves. It discusses responsibilities like maintaining professional standards, managing contracts, costing and pricing work, and maintaining business records. It also covers topics like finding work, building relationships, invoicing clients, and paying taxes. Pricing work involves factors like materials, time, overheads, and commissions. The document provides guidance on creating invoices, payment options, credit terms, and dealing with late payments. It also includes links to external toolkits and resources.
This document provides tax tips for real estate agents. It discusses that real estate agents are treated as self-employed for tax purposes and must file taxes using Schedule C. It outlines common deductible business expenses for real estate agents, including advertising, car expenses, meals, and the business use of an agent's home. The document also discusses retirement account options, record keeping requirements, and estimated tax payment deadlines for real estate agents.
The Be-All, End-All List of Small Business Tax DeductionsWagepoint
Read the full article with even more details at https://blog.wagepoint.com/h/i/289427271-the-comprehensive-list-of-small-business-tax-deductions/185037
This document provides an outline for a workshop on getting money management skills improved for freelancers. The workshop covers identifying common money pitfalls, establishing personal and business budgets, tracking business income and expenses for tax purposes, and preparing tax returns. It provides tips on tracking both personal and business finances, expenses that can be written off, and resources for budgeting, bookkeeping, and doing taxes to help freelancers get their money management organized and "awesome."
1) The document provides guidance for setting up as a sole trader business, including registering with HMRC, opening a business bank account, considering insurance needs, and setting up a PAYE scheme if employing staff.
2) Key expenses that can be claimed include salaries, national insurance, pension contributions, travel, training costs, computer equipment, and accountancy fees. The document outlines rules around private use of expenses.
3) As a sole trader, tax returns must be filed annually reporting all income and deducting allowable expenses. Payment on account may also be required in two installments to spread out tax payments.
http://derlandbahrcpa.com/federal-tax-deductions-list/ This presentation shares a federal tax deductions list of items that are allowed on a small business income tax return.
The document discusses the two main types of costs associated with owning and operating a small business: start-up costs and continuing costs. It provides examples of common start-up costs such as rent, equipment, inventory, and legal/licensing fees. Continuing costs include fixed costs that remain constant and variable costs that fluctuate based on production levels. Proper planning and budgeting of both start-up and continuing costs is important for small business success.
A-Z Guide of Business Expenses You Can Claim Laura Comben
A UK study in 2018 revealed that £962m worth of expenses are unclaimed every year. With more of us working at home or going it alone in business, it's crucial that you know the many business expenses that you can claim.
Take a look or download our A-Z guide to business expenses to start saving today.
This document provides guidance to Mr. Carroll and Mr. Lowry on setting up their advertising agency, including financial processes. It recommends obtaining startup funding from banks, family, investors or grants. It outlines the need for a business bank account and finance department to manage cash flow, salaries, expenses and required financial documents like balance sheets, profit/loss statements and cash flow projections. Typical agency costs like office space, equipment and professional membership fees are also discussed.
This document discusses the tax benefits of operating a home-based business. Key points include being able to deduct home and vehicle expenses, as well as travel costs, as long as they are ordinary and necessary to running the business. Proper recordkeeping of mileage, expenses and time spent on business activities is important. Deductions are allowed for a home office, advertising, gifts, and paying family members as employees. With good documentation, a home-based business can enjoy substantial tax savings.
This document discusses the tax benefits of operating a home-based business. Key points include being able to deduct home and vehicle expenses, as well as travel costs, as long as they are ordinary and necessary to running the business. Proper recordkeeping of mileage, expenses and time spent on business activities is important. Deductions are allowed for a home office, advertising, gifts, and paying family members as employees.
This document provides an overview of common tax deductions for businesses. It describes deductions that may be allowed for auto expenses, legal and professional fees, education, starting a business costs, bad debts, software, travel, moving expenses, interest, entertaining, taxes, advertising, and charitable contributions. It notes that strict adherence to tax code is required to take deductions and recommends contacting a tax professional with any questions about deductions that can be claimed.
Module 7, "Making Profit from Imagination" examines the keys concepts of the business sector in relation to finance. It gives a brief overview of business finance, including turnover, business costs, cash flow, financial planning, and other routes to finance.
This module examines the concept of making profit from imagination, meaning making money from your creative enterprise. It discusses things like turnover, cash flow, grants and generating additional income. It also provides some excellent, trustworthy case studies that support the module and make it an excellent piece of information.
This document provides an overview and schedule for business training sessions hosted by Quantum Business House. It outlines topics that will be covered in 10 sessions over 3 months, including setting up a business structure, marketing, financial management, and tax obligations. The document also provides introductory information on key business tax concepts such as assessable income, allowable deductions, capital gains, losses, and goods and services tax requirements.
This document summarizes key information from a workshop on tax issues for self-employed individuals and small businesses. It discusses self-assessment requirements, the difference between being a sole trader or limited company, annual tax compliance including filing and payment deadlines, allowable business expenses and deductions, VAT registration thresholds, and tax relief programs like SURE and the Home Renovation Scheme. The workshop covers registration for ROS (Revenue Online Service) to file taxes electronically.
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
This document provides an overview of the advantages of incorporating a business from a contractor education seminar. It discusses the primary forms of business organization including sole proprietorships, partnerships, and corporations. The financial advantages of incorporation include tax deferral, income splitting, and accessing lower corporate tax rates. Non-financial advantages include liability protection and increasing marketability. The document provides tips for maximizing tax deductions and benefits of incorporation through strategic planning and expense allocation. It also covers considerations for personal service businesses and next steps clients can take.
This is the final module in the Canadian Small Business Course.
In this module we analyze some of the most frequently asked questions related to areas such as vehicle expenses and home office expenses. Also reviewed are a host of other common small business expense.
Record keeping and tips to maintaining proper records are also reviewed with an emphasis on keeping CRA tax auditors of your back.
This is an updated article on the UK tax rules for electric and hybrid vehicles and the tax consequences of purchasing such a vehicle through your UK company.
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What type of expenses are claimable as business expenditure
1. WHAT TYPE OF EXPENSES CAN BE CLAIMED AS BUSINESS EXPENDITURE
A business expenses is one where the cost is incurred wholly, exclusively and necessary for your
business according to HMRC’s guidelines. Therefore, you should record all of the expenses and costs
that you incur in the cost of running your company.
The expenses that you can claim will also be both ones that are chargeable to customers/clients and
non-rechargeable.
You should obtain and retain receipts or invoices wherever possible and these can be from a
shop/business as well as online.
You need to be aware of any expense that has a `duality of purpose’ –this is where there is both a
business and personal element such as a trip abroad which is part business / part holiday. If there is
any suspicion that the expenses may not have occurred if it were not for the personal element it
could be disallowed.
The types of expenses that are generally allowed are:
Business travel and accommodation (this can include hotels or B&B’s or even a temporary
rented accommodation and various utility bills) –subject to the 24 month rule
2. Meals and subsistence when working away –subject to the 24 month rule
Personal Incidental Expenses (PIEs) when staying away from home overnight for work -
reasons -£5 per night in the UK and £10 per night outside the UK –this cost is to cover sundry
type expenses such as phone calls home, coffees, laundry etc
Other travelling expenses when travelling to other locations for business reasons other than
your normal place of work such as attending interviews, visiting the bank or accountant,
attending training courses and seminars, trips to buy company supplies etc
Mileage in your private vehicle at HMRC allowed rates -45p per mile for the first 10,000
business miles and 25p per mile for each mile thereafter. You can also claim mileage for
travel in your private motorbike (24p per mile) or private bicycle (20p per mile)
Motoring expenses using fixed rate allowances (e.g. claiming the distance travelled)
Entertaining costs however if these are for entertaining past, present or potential future
clients they are not tax-deductible however it is better that your company pays for these
rather than you personally
Salaries for all company staff (normally yourself and perhaps your spouse)
Company pension scheme contributions
Employer’s N.I. contributions on salaries above the NI threshold
Business telephone calls
Mobile telephone and calls
Broadband charges
Postages and stationery, business cards
Bank charges and interest
Printing costs
Annual eye test cost and cost of spectacles if you use these for work
Computer equipment purchased for business purposes such as desktops, laptops and other
office type equipment
Computer software
3. Technical books and journals
Advertising and marketing including the cost of setting up and running a website for your
company
Local business sponsorship if it can benefit your business
The cost of professionally updating your CV and LinkedIn profile and other social media
advertising
Professional training courses if connected to your contract work
Certain professional subscriptions to professional organisations and institutions
Magazine/newspaper subscriptions –if connected to your contract work
Annual £13 fee to Companies House for filing the Confirmation Statement. Any other
Companies House fees when certain changes are made such as changing the company name
Business gifts –up to £50 per gift –subject to certain conditions
Use of home as office –under HMRC allowed rates you can currently claim £4 per week –you
may be able to claim more if you can justify that your household running costs come to
more than £4 per week for running your business from home
Annual event of up to £150 per employee –typically your annual Christmas dinner
Business insurance such as professional indemnity insurance
Relevant Life insurance –this can be as much as 50% cheaper when you pay via your
company compared to paying this personally
Income protection (to provide you with income if you cannot perform your contract work for
a period of time)
Accountancy fees –typically a monthly payment plus any one-off fees
Legal and other professional fees in connection with business related issues
Relocation costs –up to £8,000 and subject to certain conditions
Any company formation costs