Many contractors travel from home to a temporary workplace. You should be aware of the 24 month rule which determines whether or not you can legitimately claim any travel costs.
Limited Company Contractor Expenses
- 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 typically reclaim a number of expenses, although the treatment of expenses claims does vary between providers.
- Start with our popular guide to limited company expenses.
Limited company owners cannot offset the cost of standard work clothes against tax, although there are some interesting exceptions. Here we look at how HMRC treats clothing expenses.
While working as a contractor, you may run up a number of business-related phone and broadband expenses. So, how do you ensure that these expenses remain tax-deductible for your company and free of additional personal tax charges at year-end?
Almost everyone has a smartphone these days – typically using them for both personal and business purposes. With this in mind, can you legitimately claim the costs of smart devices against your limited company’s tax bill?
As a limited company owner, you will incur a variety of business expenses whilst running your business. Here, we look at which expenses are ‘allowable’ for tax purposes.
With the festive season almost upon us, we look at how you can keep HMRC happy when making claims for gifts and entertainment.
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.
If you are a professional contractor, at some stage you may need to invest in some kind of marketing for your business – but can these costs be offset against your company’s tax bill?
As a limited company owner, you may well carry out your trade from home – occasionally, or on a regular basis. Which (if any) household expenses can you legitimately claim against your company’s tax bill?
There will be occasions when you may wish to provide small gifts to employees, throw a staff function or even treat yourself as the director.