What can you claim for - Limited company expenses

Posted by Vidit Agarwal on January 2nd, 2020

Claiming expenses for your limited company is one of the great perks of paying tax; you can get some of that money going back into your business. The main thing to remember is that only genuine expenses are allowable to claim for your limited company.

It’s very clear to understand what expenses you can be claimed through your limited company and minimize the tax you pay and leads more money to your pocket in the end the tax year.

You can claim the business expenses whether you are small business, contractor or freelancer.

Below here you can find what a valid business expenses are:

  • Travel expenses:  A contractor can claim the cost of work traveling to and from your temporary place of work.  Business related travel which includes Air fares, taxi, bus, parking, tolls etc.
  • Accommodation:  The expenses incurred in hotel or bed and breakfast accommodation, meals can be claimed as an expense.
  • Clothing: You cannot claim for every day wear even if you would not be likely to wear your working clothes anywhere other than at work. However, if you required having an item of clothing that is essential to carry out your contract is valid business expense.
  • Training:  The cost of updating new skill set is relevant to the performance of your duties under your existing contract then you can claim this as an expense.
  • Business Entertaining: You can claim the reasonable cost of entertaining clients through your company.
  • Staff Entertaining:  Cost of an annual event.
  • Pre-trading expenses:  Meeting with clients, telephone bills or equipment costs.

Other expenses:

  • Marketing and advertising
  • Sub-contractor costs
  • Printing
  • Home office
  • Childcare costs
  • Pension Contributions

In order to claim the business expenses, it is very important to have the record of all receipts of expenses. For more information on limited company business expenses please visit this blog page. If you would like to find out more about how Accountancy can help you and your business, get in touch with Accountants in Stepaside.

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Vidit Agarwal

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Vidit Agarwal
Joined: March 9th, 2018
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