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?
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.
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?”
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?
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?
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.
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 taking up a job offer overseas, or you’re already contracting abroad, one potentially confusing aspect of record-keeping relates to expenses claims.
If you are contracting and have young children, you may be able to take advantage of a Government-run tax incentive which allows you to pay a proportion of your childcare costs out of your pre-tax income.