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?

As a limited company contractor, you will be able to claim certain expenses that have been incurred wholly, and exclusively for the purpose of running your business. We’ve listed the typical daily expenses that you may claim, along with the criteria that has to be met in order to successfully claim.

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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.

Ready to talk?

If you’re ready to take the next step and form your limited company, get in touch with a member of our New Business Team by calling

0330 024 0406 or
email info@gorillaaccounting.com

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