We speak with our clients every day to answer queries and provide responses to many varied questions. See below for our accounting FAQs section.
Frequently Asked Questions
Business trips on your client’s behalf or travelling to a temporary place of work can be claimed as a business expense. If you use your own car then you could receive a mileage allowance, which is in line with the HMRC approved mileage rates:
If you claim for business mileage, you will need to ensure that your motor insurance covers you for business use.
Any running costs, such as fuel, maintenance etc. of the vehicle is not allowable; the mileage rates are designed to cover these costs.
The cost of purchasing a bicycle and bicycle safety equipment qualifies for a tax exemption under the ‘Cycle to work’ scheme, provided that certain qualifying conditions are met. The bicycle must be mainly used for travelling between your home and your workplace or between one workplace and another. In this case, ‘mainly’ means that more than 50% of the time using the cycle and any safety equipment is for qualifying journeys. An additional form also needs to be signed in this case, confirming business and personal use.
If your mobile phone is in your limited company’s name then you can claim all line rental and call charges. Any further costs associated with this phone are also allowable, for example, mobile phone insurance or a hands-free/Bluetooth headset. All receipts must be retained.
The childcare that we advise our clients to claim is that of a direct arrangement between a third party childcare provider and your limited company.
The maximum value of childcare allowable is £55 per week (or £243 per month) depending on your payment cycle. This is the limit set by HMRC that is exempt from tax and National Insurance Contributions.
If anything above this were provided, you would be liable for tax and NIC on the additional amount.
The main requirements are that the childcare provider is registered or approved and that the child is:
A child or stepchild of the employee whose expense the child is maintained; or
Resident with the employee and for whom the employee has parental responsibility.
From small businesses, partnerships, sole traders, charitable organisations and social enterprises, individual taxpayers, and even other accountants, we offer a range of specialist accountancy services.
We won’t charge you to switch to QAccounting. Our in-house team will liaise with your previous accountant and gather all the information needed to transfer you swiftly and seamlessly. Should you need any accountancy work carried out from a previous year, a fee will apply for any retrospective work. If you’d rather chat to one of the team about this, please do not hesitate to get in touch with one of our advisers who will be able to help.
We only ask you to agree to an initial 3-month contract. While we hope you won’t want to, should you decide to leave us after 3 months, we only need 7 days’ notice and will not charge an exit fee. We understand that clients need to operate with as much flexibility as possible.
We have a range of different accountancy services tailored to suit our different types of clients, and additional services are also available on our ‘Schedule of Additional Fees’. There are no hidden costs – we’re completely transparent about our prices.
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