At Price Hill & Co Limited, we ensure that our clients claim the maximum amount of expenses that are legally allowable.
Claiming the maximum amount of expenses ensures that the tax is minimised. HMRC allows expenses to be claimed which meet the “Wholly, Exclusively and Necessarily” criteria.
It is not legal to claim an expense that does not meet the criteria of “Wholly, Exclusively and Necessarily” for business.
The meaning of Wholly, Exclusively and Necessarily for business:-
1. The entire expense must be for business – You cannot have any personal use in that expense.
2. It must be exclusively for business use – You cannot have part business and part for another business.
3. It must be necessary – You cannot hold a business meeting in Bali when you can hire a room in UK.
As Director of your limited company, you are legally required to ensure that all expenses claimed in the business are legitimate and HMRC have the powers to prosecute directors who deliberately or negligently claim false expenses.
We have an extensive knowledge of expenses that can legally be claimed including:-