Allowable Expenses for Self Employed Contractors

Self Employed Expenses | Allowable Expenses for Contractors

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Your company is going to incur costs but what are allowable expenses?

  • Insurance policies – your business will need to be covered for Public Liability and Professional Indemnity (the level of cover will be detailed in your contract). Gorilla has partnered with Kingsbridge to provide cost-effective insurance policies.
  • Mobile phone – the company can provide you with a mobile phone, as a tax-free benefit.
  • Travel – any costs incurred in relation to carrying out the trade of the business for example, mileage, train fares, hotel costs etc.
  • Hardware – the business can purchase assets for you to use in carrying out its trade. Typically these include computers and mobile devices.
  • Your salary – paying a wage helps reduce your company’s Corporation Tax bill.
  • Donations – your business can donate to charity and receive tax relief on it.
  • Accountancy – your company receives tax relief on the fees it pays Gorilla Accounting. This makes us even better value!
  • Christmas party – That’s right, your company can treat you to a Christmas party up to £150 per employee.
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