Millward, May & Co - Wokingham Accountants
Wokingham Accountants

Limited Company Expenses

Limited Company Expenses

As a limited company what expenses am I able to claim:-

Wholly & exclusively


Materials/Purchases


Subcontractors

You will need to register for CIS if you pay subcontractors within the construction industry


Wages

Directors, employee

Gross wages

Employers NI

Pension contributions

Employee Benefits

We would suggest paying a director/shareholder a small salary topping it up with dividends


Premises

Rent, business rates, gas, electric, water, cleaning, parking spaces, storage unit


Use of home


Insurance

 

 

 

 

 

We would suggest taking out either public liability and/or professional indemnity insurance to cover your business. If you have employees you are required by law to get employers' liability insurance. You may not need employers' liability insurance if you only employ a family member or someone who is based abroad).

Public liability insurance protects against claims of personal injury or property damage that a third party suffers (or claims to have suffered) as a result of your business activities.

Professional indemnity insurance (also known as professional liability insurance) helps protect professional advice and service providing businesses from bearing the full cost of defending against a negligence claim made by a client.

Employers' liability insurance will help you pay compensation if an employee is injured or becomes ill because of the work they do for you.


Software & IT costs

 

Laptop, desktop, tablet, mouse, keyboard, printer

Bookkeeping software (Quickbooks/Xero)


Telephone

 

 

If you have a premises you can claim for the full cost of the office phone there.

You are also able to claim for mobile phone costs for you and your staff.  If the mobile contract is in the company name you can claim the full cost but if the contract is in the persons name you may only claim for the additional business call costs.


Postage, printing and stationery


Advertising & website

Networking events


Travel & subsistence

Incidental overnight allowance


Car expenses

Mileage, Costs (BIK - P11D)


Van expenses

Mileage, Costs (BIK - P11D)


Waste disposal


Small tools & equipment


Protective clothing


Training, books & journals


Annual parties

Xmas meal


Trivial benefits

Non cash gifts under £50


Accountancy


Membership & subscriptions


Professional fees


Charitable donations


Entertaining

 

 

- Client Entertaining (e.g. food, drink, accommodation, theatre/sporting tickets). You can claim for this when discussing a particular business project or forming or maintaining a business connection.

- Hospitality?

- Staff Entertaining


Bank charges & credit card costs


Finance costs

Loan interest, hire purchase costs


Fixed assets

 

 

 

Fixtures & fittings

Plant & machinery

Motor vehicles

Computer equipment


Common mistakes - people claim for:

  • Personal clothing that isn't protective or branded.
  • Spectacles
  • Physiotherapy costs