For an expense to be “legitimate” as per HMRC’s definition it must be incurred “wholly & exclusively” for the purpose of your business.
It’s good to bear in mind that any expenses that have been claimed will have an impact on your company’s profits, this will include the amount of corporation tax the company has to pay when your company’s tax return is submitted.
Expenses which hold a personal and a business element are NOT usually allowable for corporation tax relief. Also most items your company pays for which are for the enjoyment of one or more of your employees will attract “benefit in kind” charges.
Recruitment Accountants, a division of UHY Hacker Young
At UHY Hacker Young we believe that to really add value to our clients’ businesses, we need to understand those businesses. We know that to go the extra mile, we need to have real insight into the opportunities and threats in your marketplace, as well as a comprehensive view of the legislative environment in which you trade. Only by being familiar with these things can we really help you grow your business and seize the opportunities that are out there waiting for you.
Of course, we carry out the standard recruitment business accountancy, finance and taxation activities, but we go well beyond that in everything we do. By means of example, we have sourced bespoke recruitment software to make your life easier and have developed specific business strategies that are unique to the recruitment sector to help recruitment managers and recruitment directors run their businesses more efficiently and more effectively.
For more details about our services, please visit our dedicated website here.
