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One of the most popular and utilised expenses that Contractors running Limited Companies claim for is mileage. The basic rule being that mileage can be claimed back when you are travelling to and from a temporary place of work.

Payments on Account crop up and are calculated within one’s Self Assessment (otherwise known as a Personal Tax Return). Payments on Account are advanced payments towards your personal tax liability for the following tax year and at times, Directors of Limited Companies are required to make these payments.

The deadline will soon be fast approaching to have your Self-Assessment (otherwise known as a Personal Tax Return) completed and submitted to the HMRC for the tax year 2013/2014.

A Self-assessment form ultimately details the calculation of one’s own taxable liability, otherwise known as a Personal Tax Return. If you are a company director you are required by law to complete and submit a self-assessment annually to HMRC stating your income, capital gains and any tax allowances or reliefs, i.e. expenses.

Entrepreneurs’ Relief is available on a capital distribution (not exceeding £25,000) received arising on a winding up, which is received no later than three years following the date on which the company ceased to be a trading company, where...

Up until less than a decade ago, permanent roles were arguably the most prominent way of working. However, contracting roles are becoming ever more popular and there are now estimated to be 600,000 contractors (operating via a limited company) in the UK.

There was a time when contractors couldn't claim travel from work to home for a ‘temporary’ workplace. They were like any other permanent staff member - unable to claim back the cost of travel. Along came new legislation in 1998, which allowed travel to become claimable for contractors as long as the work place didn't last any longer than 24 months.

It's always great when you make a profit on a valuable item or asset. In accountancy terms this is called a 'Capital Gain'. Tax is paid on the amount you 'gain' on the asset or item. depending on what it is you're making a profit on and if the gain over the tax year is £11,000 or more.

Student loans are the one sore point of spending three plus years studying hard at University. Paying it back is also a drawn out process, with 9% of a permanent employee’s salary going to the student loan company once you earn over £16,910 (£21,000 if your course starts in September 2012).

We all need to eat, and buying it can be quite expensive, especially if you’re away from home.