What can i claim back from tax?

danboy775

Hello just looking for some advice on what i can claim back from my tax bill.
I just recently set up a limited company and i work on oil rigs. The company who sorts out my tax returns etc gave me an info sheet but it is very vague, any info would be much apreciated
thanks

Pennywise

You need to get back to your accountants and make sure they explain everything to you. Having your own limited company gets very complicated and you need to know a lot more about it than it sounds you do at the moment. You say they are doing your tax return - is that your personal tax return and/or the company tax return? Who is doing the company accounts? Who is doing the VAT and payroll? You need to realise that the company is a separate legal entity. It will incur some expenses itself which may or may not be allowable against tax. Likewise, you personally as an employee will incur expenses, some of which you may be able to reclaim from your company, and some of which will be allowable for tax, some allowable for NIC, some for both, and some for neither. You're probably more confused now, but you really do need to get whoever has set you up (and presumably who you are paying) to do their job properly and go through all this with you. It is really far beyond a few replies to a very general and non-specific question to a forum - I'd suggest you work through it with your accountants first and then come back here with more detailed information about what you are doing and some specific questions - then you'll find you get a lot more specific answers.