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We have a number of Directors meeting throught out the year
When we meet I claim mileage expenses and parking charges
What mileage and expenses that can be claimed to keep within the guidelines?
Can we claim overnight accommodation?
Can we stay in a 5 Star hotel ?
Can we claim a meal ?
Is there a mileage restriction where we can meet ?
Could we meet overseas ?
What is reasonable in the eyes of HMRC ?
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
These should assist DL:Landlords' A - Z of property tax expenses - Video Guides5-minute guide to tax-deductible expenses for a property rental business
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks Fairy godmother
I am still a little confused I understand the links you have posted
But A director Is an employee of the Company
So lets say I travel from the North to see you to do another video could be a good example
! Travel costs Could I fly or use a train and then could I claim a Taxi to meet you
2 when I meet you can my Company pay for a meal for you and nick could it be a KFC or could I take you to a swanky restaurant
3 after the meal could I claim a Taxi back to my B&B or could I stay at Clariges in London
The point I am driving at is at what level of Travel experiences could be claimed
From what I can see if the trip is only for business You can travel by a Private Aircraft and stay in a five star hotel
Don't forget I am not traveling as a Landlord I am traveling as a Director Employee of the Company when I meet you again.
You can put through whatever expenses you feel are "reasonable". The gamble is if HMRC disagree with you. That is a risk that anyone takes.If you want to sleep at night, claim "reasonable" expenses that you can justify to HMRC if there is any form of investigation.
Yes but the question is do I sleep better in a Five Star Hotel or a B&B
from what I can see from the internet I think it all comes down to if your Company wants to pay for a 5 start hotel or a B&B
as long as the trip is exclusively for Business
This started me thinking this week at an Airport I used to re fuel
I was invited to a VIP area and shown around and I was talking to the Manager who arranges executive flight in the UK and overseas
and he advised it was all tax deductible for a company
my view is if your traveling on Business why not stay in the best if its tax deductible and your company can afford it
I don't claim to understand all this stuff but I think I've grasped the basics.
The first point is whether the expense is wholly, exclusively and necessarily incurred. Its the 'necessarily' that is open to debate. With the 5 star hotel vs B&B there should be some justification why the hotel was necessary, maybe facilities, location, availability, etc. Otherwise all that is necessary is a place to sleep and HMRC may not accept the expense.
There are different tax treatments for expenses claimed by a director and expenses paid for a director. If the expense doesn't qualify as necessary and is claimed by the director from the company it will be treated as income. If it has been provided for the director by the company it will be treated as a benefit in kind.
the expense is wholly, exclusively
I get the point above and its correct
If you go to Newcastle station you can see Employees Traveling first class on the Train at quite a high cost to the Company they work for
The company could go cattle class but they dont
There is big bucks to be made by Tran and Airlines offering business class so it must be allowable via a Companies
The Business manager at the VIP Airport Lounge got me thinking on this
From what I can see a Director can travel anyway the like as long as its for Business
Executive Jets do it every day at huge costs
I look forward to a Tax Expert answer to this one
I know when I worked as an IFA we have to stay away from home and we stayed in some very swish hotels and we flew to the SE a lot
we could have got the bus at 10% of the cost but we always flew
I am fascinated by our tax legislation. On the one hand it is very precise, with clearly defined amounts and timescales, yet on the other hand it is extremely vague and open to interpretation, with differing results even among those who are qualified to give advice.
It would be interesting to hear some tax experts' opinions.
From what I can see its a Judgement on how much is claimed by the Company Accountant
I know we are thinking of attending Landlord shows next year so I am going to run this past the Company Accountant and see what level a claim can be
But I know one thing I will not be staying in a B&B or traveling cattle class
The Answer maybe here
The way I am reading this is I think it would be fair to claim an upgrade if it is nessary to do the Bussiness
Lets say I have to meet Vennesa at 10am in London for an interview and I had to be back in Newcastle for 2pm on the same day to sign for a property I had just purchased because of the time shortage I could fly by executive jet
Its not really clear in some ways I think I would go for a better Hotel say 5 Star and submit the claim when my exspences was done I think the Company Accountant would have the final say on the matter if it was 100% allowable
But for company owners as I read it why not stay in a better hotel and travel first class since a lot of us have been forced into useing a company
Good always comes from bad you just have to look for it