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Expenses you may be missing out on as a limited company

As a limited company director you may also find the pages below on what expenses you could claim helpful:

As a limited company director one of the benefits available to you is the ability to claim as an expense, costs which are solely and exclusively for your business. Expenses are exempt from tax and so could affect the amount of tax that you pay, which may in turn affect your take home salary.

To make sure that you are claiming all the expenses that you are entitled to, Easy Accountancy has put together this guide to some common expenses that you may be missing out on.

Books, journals and magazines

Magazine subscriptions, books and journals could be claimed as an expense if they are relevant to your business.

For example, if you are working in as a Chef a subscription to BBC Good Food magazine might be deemed relevant as it could be a source of inspiration and help you stay up-to-date with the latest trends and techniques.

Building a website

The cost of building a website could be claimed as a business expense. However, in order for this claim to be valid you need to expect to earn more money through the website than the website will cost to build.

Website costs can be difficult to determine and so it is a good idea to speak to your accountant to check that the cost of building a website for your business is eligible to be expensed.

Christmas party

The cost of entertaining your employees through events such as your company Christmas party might be eligible to be claimed as an expense if it meets the following criteria:

  • It is an annual event
  • The event is open to all staff members
  • The cost is less that £150 per person

Eye Test

These days most of us spend the vast majority of our working day staring at a screen. If you use a computer at work then you may be able to claim the cost of an eye test as an expense. 

However, you are only able to claim the cost of the eye test and any follow up treatment that is required such as glasses or contact lenses will not be classed as an expense.

Gifts

Gifts intended for those who are not employees could be eligible to be claimed as a business expense if they meet the following criteria:

  • The item cannot be vouchers, food, drink or tobacco
  • The item should cost less than £50
  • The item should be clearly marked with your business logo

Pension contributions

If you are a director of your own limited company then you might be able to claim tax relief on your pension contributions as long as you are using an approved HMRC pension scheme.

Travel

As a limited company director you are probably well aware of all the travel expenses that you are entitled to claim in terms of your car and public transport costs.

However, what you may not be aware of is that you are entitled to claim a mileage allowance of 20p per mile if you choose to cycle to your business meetings.

It may also be worth taking part in a lift share if you know you are going to be onsite for a period of time, because you may be able to claim an extra 5p per mile when you have a passenger in your vehicle.

If you have any questions regarding what you can and can’t claim as an expense then it is always beneficial to talk to your accountant to make sure that all your expense claims are legitimate and you are not missing out on any valuable tax saving advice.

For more information or to ask a question on expenses then contact one of the accountants at Easy Accountancy on 01442 275767 or email newbusiness@easyaccountancy.co.uk  

If you are a sole trader find out more about what expenses you can claim by visiting the pages below:

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.