One of the most frequent questions asked by contractors is “what health-related expenses can I pay via my company?”
- As a contractor, you may incur a number of expenses related to your trade.
- For limited company contractors, you can offset almost all legitimate business expenses against your company's Corporation Tax bill.
- However, if you receive any personal benefit from business expenses paid by your company, you will be taxed on the value of any 'Benefits-in-Kind'.
- Umbrella contractors can reclaim a number of expenses (subsistence, accommodation, travel, etc.) Further allowable expenses vary between providers.
- Start with our concise guide to contractor expenses.
Many contractors travel by car on business – they may be visiting client sites, or attending conferences and training sessions. However, when it comes to claiming tax relief for the costs of these journeys, the rules can be confusing.
As a contractor, you may need to travel as part of your contract duties – within the UK, or even overseas. Which travel expenses can you legitimately claim?
If you’re thinking of holding a small Christmas do for your limited company, you’ll be pleased to hear that your can legitimately claim back costs of up to £150 per head without any tax implications, as long as you meet certain conditions.
How to claim back the costs of pre-trading expenses you have paid for personally, on behalf of your limited company, including how VAT can be reclaimed, subject to specific time limits.
We all have causes that are close to our hearts and if you are contracting through a limited company, you can factor in donations to charity as part of your overall tax planning strategy.
If you need to buy a new PC, or upgrade your software, how are these expenses treated for tax purposes? Here we explain how technology costs are accounted for, and look at the rules which govern the treatment of computer-related purchases.
If you incur travel expenses between your home and a temporary client site, you should be aware of the 24 month rule which determines whether or not you can legitimately claim for such costs. Here, we ask an expert to explain how the rule operates in practice.
How are subscriptions to professional and trade organisations treated for tax purposes, and what determines whether or not your membership of a particular organisation is tax-deductible?
As a limited company contractor, you may incur a variety of business expenses whilst undertaking your contract duties. Here, we look at how expenses are ‘allowable’ for tax purposes, and some common errors to avoid.