You can also claim for overnight incidentals, if you have to stay away from home overnight, for work. You can also claim for the cost of meals while staying away from home – as with the room itself, these must be deemed reasonable. There is no limit on costs you can claim for accommodation, but the expense must be ‘reasonable’ in the eyes of HMRC. The cost of hotels or bed & breakfasts can be claimed as an expense, where necessary for your work. You also need to consider the 24 month rule – ask your Dolan Accountant for more information. However, you can’t claim for parking fines or speeding tickets – so drive safely. Parking costs, road tolls and the congestion charge are also allowable. Public transport can be claimed at the face value of the ticket. Mileage is claimed at 45p per mile (up to 10,000 miles 25p per mile thereafter). All travel to a temporary place of work can be claimed as an expense. The most common business expenses, with examples, are listed below:

Limited company contractor expenses what you could claim? In general, though, if you are outside IR35 then almost any cost necessary for the running of your business can be claimed. no mixed business and personal use, and some expenses are not allowable at all.

There should be no dual purpose when claiming expenses, i.e. There are a couple of exceptions that you have to be aware of. It is a good idea to get into the habit of logging your expenses weekly or monthly – you will thank yourself each VAT quarter and your accountant will be grateful too! It is a good idea to pay all business expenses through your company account or using your company debit or credit card – this makes it much easier to reconcile legitimate business costs. You will need to keep your receipts to prove your costs. Almost every limited company contractor will incur business expenses while running their company and many will incur a substantial amount – keeping accurate records and claiming expenses is one of the most important things a contractor can do to minimise their tax liabilities.