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Business expenses will be incurred by one-man limited companies and these will need to be shown on a form P11D and a deduction claimed
I have several one-man company clients. I have educated them into only putting business expenses through the company’s books and this makes the year-end reporting easier.
However they still have travel hotel and subsistence expenses. These must be entered on a form P11D and then claimed on the personal self-assessment tax returns.
My question is whether HMRC would grant a dispensation to such a company given that it is the same person who pays authorises and uses the expenditure?
Furthermore what is the position with entertaining expenditure? If the director takes a client out to lunch is it correct that the expenditure is deductible for the director if it is disallowed for corporation tax or is it more complicated than that?
I would be very grateful for readers’ thoughts.
Query 18 191– Benny Fitt
Reply from Steve Kesby
In recent years...
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