Category Archives: Profit extraction

Getting a tax-free gift from your Company

Getting a tax-deduction for your gifts How are gifts taxed? We understand that the tax rules regarding benefits in kind are due to be reviewed, because the Taxman is currently consulting on how best to do it. However, in the meantime, you're stuck with the current rules, therefore if your company makes a gift to…
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Getting a tax deduction for your work clothing costs

    Getting a tax deduction for your work clothing   GETTING A TAX DEDUCTION FOR YOUR WORK CLOTHING COSTS Looking back on my professional career I’ve always been surprised the number of times I’ve been asked whether a suit is tax deductible.   I always think that the answer is obvious (no).  However, because…
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Getting a VAT Deduction on your Home Office Costs

Getting a tax deduction for your home office costs GETTING A VAT DEDUCTION FOR YOUR HOME OFFICE COSTS Who is eligible? Not everyone who works from home will be eligible to claim back the VAT on their home office costs, so here's a checklist for you to determine whether you need to read further. You…
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Getting a tax deduction for your sponsorship

  What are the tax rules? In order to get an expense deductible for tax it must be “wholly and exclusively” for a company’s trade.  You might think that that's a pretty clear cut and dry case then.  For example, you agree to sponsor you local football and in return you put your Company's logo…
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