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.
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 - and the company = 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.
Navigating festive gift and entertainment claims through your limited company
With the festive season almost upon us, we look at how you can keep HMRC happy when making claims for gifts and entertainment.
Is your company’s Christmas party tax deductible?
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.
Guide to marketing and advertising expenses for contractors
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?
Tax exemption for ‘trivial benefits’ provided by your limited company
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.
Limited company expenses – interest, banking and finance costs
How are finance and interest costs are treated for tax purposes, and which typical expenses can be offset against your limited company’s Corporation Tax bill?
Umbrella company expenses – what can you claim for?
If you work via an umbrella company, you may incur a variety of business expenses while carrying out your work. Here we look at how expenses are treated for tax purposes.
Company car vs. own vehicle – claiming tax relief
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.
Claiming training expenses via your limited company
Investing in improving your own skills or those of your employees can give you a crucial edge when it comes to pitching for new contracts. However, before funding training via your limited company, it’s important to know what you can – and cannot – claim as a deductible expense.
Can a contractor claim relocation expenses?
At some stage, whilst working via your limited company, you may face a situation where you need to relocate to take up a new contracting role. You may be able to offset your moving costs against your company’s tax bill.