New answers tagged small-business
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Unfortunately, there are a lot of wrong answers here. The correct answer is that there is no reason why your company cannot buy something and give it to you. However, this is then "benefit in kind" to you and you must report it in your personal tax return and pay tax as if you have been given its value in cash.
In most cases this means that there ...
4
Dislaimer: I'm in Belgium but from the answers already posted I think some ideas might still be relevant to UK.
First things first, TomTom is very right to advise you to discuss that with your accountant. They can probably better than anybody here advise you on things to do, things to avoid doing, etc... How you choose your accountant will also probably ...
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I don't think this is the best way to approach this problem for reasons mentioned by others - the assets would legally belong to the company so it becomes a bit of a grey area.
However, there is one way you can leverage the company to your benefit: DIVIDENDS.
Currently, you can earn up to £2000 in dividends tax-free (source). For any amount up from there, ...
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You can buy clothes through your company if they’re work clothes with your company’s logo on them — safety gear, a uniform, and so on — but not if they’re ordinary clothes that you might reasonably wear when not working.
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Yes, it could - it could not deduct them from taxes, and THEY WOULD BE OWNED BY THE COMPANY, but there are very valid cases for all your examples:
a new jacket, a new pair of shoes,
Yes, because the company can buy clothes for representation. Tax deductibility is disputable (not a UK specialist).
Or perhaps you can only buy things with company profits ...
28
No.
Purchases for your company are intended to be for your company to perform its function: merchandise that the company sells, equipment that the company needs to function...
Purchases for companies are taxed considerably lower than purchases for people. Your company purchases will be VAT free (you pay it when buying anything, but you get reimbursed for it ...
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