When opting to work through a limited company as opposed to an umbrella company you will benefit from the ability to claim a more generous selection of expenses to pay for the costs incurred from running your company.
This ability benefits the company as it reduces the tax bill; you can pay for the expenses personally and have the company reimburse you or the company can pay for the expenses directly.
As long as the contract is not inside IR35 and the costs of running the company are “wholly and exclusively” for the benefit of the company, then there is a wide range of qualifying expenses that can be claimed.
The following is a list of typical company expenses. It is not a fully comprehensive list and if you think of an expense that isn’t here but will be incurred “wholly and exclusively” for the running of your company, then please check with us to confirm whether or not it can be claimed.
- Travel and accommodation
- Mileage: be it by car, motorbike or bicycle
- Communication: telephone, mobile & internet
- Use of home as office
- Pension contributions
- Print, post & courier
- Professional memberships*
- IT equipment
- Training (for maintaining your current skills)
- Professional journals & books
- Office party (up to £150 per tax year)
- Childcare vouchers (up to £55 per week depending on individual situation)
- Bank charges
* Not all professional memberships are tax allowable
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 firstname.lastname@example.org or request a callback.