Claiming business expenses is an important part of running a company. Yet amidst your duties, it’s often overlooked and many contractors can find themselves out of pocket. Make the most of your hard-earned money and discover what costs you can claim tax relief on.
What’s in the guide?
- Summary of allowable expenses – the most common expenses that can be claimed for business purposes.
- Inside IR35 – what expenses you can claim if you find yourself inside IR35.
- What is a valid business expense? – a technical breakdown of what you can and cannot claim.
- Claiming back business expenses – discover how to reclaim the cost of any expenditure from your company.
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What can I claim as a legitimate business expense?
According to HMRC, any purchase made wholly and exclusively for your business can be reclaimed as a business expense. This means that any purchase you make which has no other purpose is classed as allowable.
Our guide details all of the expenses you can claim if you’re working through your own limited company.
What if I’m inside IR35?
If your contract is found inside IR35, it can make your case more complicated, but it is still possible to claim tax relief. In some cases, you can claim back the cost of travel and subsistence.
Some common allowable expenses
Business mileage – If you use your vehicle for business travel, you can claim up to 45p per mile.
Equipment costs – Any tools or equipment you purchase solely for your work can be claimed as an expense.
Business insurance – The includes the cost of protecting your company and could also cover additional expenses such as hiring a solicitor.
