Most contractors spend a lot of time behind computer screens. Can your company claim for the cost of an employee’s eye test? What about corrective glasses?
Limited Company Contractor Expenses
- As a contractor, you may incur many 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'.
- The SDC rules restrict the expenses available to umbrella contractors, although some expenses are still permitted.
- Start with our popular guide to limited company expenses.
Claiming back pre-trading expenses from your company – the basics
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.
Claiming expenses – how professional memberships and subscriptions are treated
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?
Contractor travel expenses – what are the 24 month (and 40%) rules?
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.
Is work clothing an allowable limited company expense?
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.
Which business travel expenses can contractors claim?
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?