Expenses – what a contractor can claim through their limited company

integro Business Expenses

Claiming expenses through a limited company is a worthwhile thing to do. The expense reduces the profit that you make and in so doing reduces the amount that is subjected to corporation tax. By putting your expenses through the company you are therefore reducing your company’s corporation tax bill.

It is, however, essential to remember that as owner of the company it is still your money that you are ultimately spending; so it’s not worth buying something just to reduce your tax bill!

Here’s a list of the most common expenses that you can claim when running your limited company:

  • Travel and accommodation
  • Mileage: be it by car, motorbike or bicycle
  • Parking
  • Communications: telephone, mobile & internet
  • Use of home as office
  • Salaries
  • Pension contributions
  • Print, post and courier
  • Insurance
  • Professional memberships*
  • IT equipment
  • Accountancy
  • Stationery
  • Training (for maintaining current skills)
  • Professional journals and books
  • Office party (up to £150 per employee per year)
  • Childcare vouchers (up to £55 per week depending on individual situation)
  • Bank charges

* Not all professional memberships are tax allowable

More information on forming your limited company and working through a limited company can be found through the links below:

Why Integro Accounting?

Integro Accounting is the UK’s only specialist provider of fixed fee, limited company accountancy services for contractors, consultants and freelancers that was established to an award winning standard – our Practice Manager, Maria Hickmott FCCA, won The British Accountancy Awards’ ‘Accountant of the Year’ in 2011.

We were set up with the vision of providing a service that is the ultimate for the dynamic, busy professional of today in a language you understand.

Integro Accounting have designed a bespoke service for the contractor who is always on the go; never forgetting that one size will never fit all.

The relationship you have with your accountant is the most important factor in our service which is why we will always offer unlimited contact with your own personal accountant; whether that contact is via the phone, email or face to face.

We have our 3 offices located in London, the South-West and on the Bedfordshire and Buckinghamshire border. There are also meeting locations in many of the major cities and towns across the Home counties, South-West and South Wales, all conveniently placed so that you never have to travel far to meet your accountant.

If you have any questions about contracting or would like to find out more about how Integro Accounting can help you and business please call Christian on 01525 303984, email christian@integroaccounting.com or request a callback.