What expenses can I claim from my company?

If you pay for things personally but which relate to your business you can claim the money back for these items. You will need to create an expenses claim and the Company will then reimburse the amount you are claiming. It is important to keep receipts for anything you claim if possible.

What can you claim for? Below is a list detailing the most common claims.

Mileage - If you undertake business mileage then you can claim this back from the company at a rate of 45p per mile up to 10,000 miles and 25p per mile after this. This calculation covers a one year period from 6th April to 5th April the following year. After this point you can start claiming at 45p again using the rules just mentioned.

There is a caveat for contractors to be aware of which is the temporary workplace rules which are too in depth for this article. You can give Andrew or myself (Jon) a call to discuss these more.

 

Other travel costs - As long as the cost of the travel relates to a business trip whether using plane, train, boat, taxi or hiring a car these can all be claimed.

 

Use of your home as an office - If you use a room in your house as an office then you can claim a portion of your household bills against the Company's profits. CKS Accountancy has a form for this which we ask you to complete and then we calculate the amount you can claim.

 

Mobile phone - The Company can claim mobile phone costs for one phone per employee only. This includes the cost of the phone and the monthly charges.

 

 Training - Any training which you incur a cost for can be claimed as long as it is relavant to your business or is a genuine attempt to expand your professional skills. For example if you are an IT contractor then a cooking course would not be allowable but a Microsoft certified engineer training course would be absolutely fine.

 

Computer costs - If you buy your own computer/laptop, tablet, printer or scanner and you are using it for business purposes you can claim it as a business expense. Any other costs such as printer ink, software, memory sticks etc can also be claimed.

 

Professional memberships - If you pay for membership of any business related professional body you are allowed to claim the costs of this back from the company.

 

Entertaining - You can claim costs of entertaining clients or suppliers in your accounts. However it should be noted that whilst you can claim the expense from the company there is no allowable tax deduction for the company as far as Corporation tax is concerned. You are allowed to claim £75 per employee for staff entertainment which is allowable for corporation tax purposes. This would be for something like a Christmas meal or other staff dinner or event.

 

There may be other expenses you are entitled to claim and if you are unsure CKS Accountancy will be able to advise you.

Article by Jon Clarke

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