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.
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 contractor's guide to limited company expenses.
Most professional contractors spend a large proportion of their time behind computer screens. With this in mind, can you claim for the cost of an eye test from your limited company? And, what about the cost of corrective glasses?
There are many retail loyalty schemes available to consumers – covering anything from groceries to cosmetics. Wouldn’t it be good if you could personally benefit from extra points generated by business as well as personal purchases?
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.
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.
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.
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?
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.
One of the most frequent questions asked by contractors is “what health-related expenses can I pay via my company?”