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Which expenses could I claim in a Limited Company?

Below are some of the most common expenses that can be claimed.

  • Accommodation - If you need to go away on business you can claim your hotel cost.
  • Advertising, Marketing, PR - The costs of promoting your business.
  • Yearly Events - Staff Christmas parties for example as long as it is £150 each or below.
  • Bank Charges
  • Broadband – Contract has to be in the name of the company.
  • Business Gifts - £50 per person per year and must advertise your business, no food, alcohol or tobacco.
  • Charity donations and sponsorship – Donations are not an expense but are deducted from your corporation tax. If you sponsor the local kids football team the company is getting something back like publicity, so this is an expense.
  • Clothing – Uniforms or protective clothes.
  • Company Formation – Cost will be deducted from corporation tax.
  • Computer / Internet Software
  • Equipment (Plant and Machinery Costs)
  • Food & Drink – if working away
  • Insurance
  • Medical Health Check / Eye Tests – If you or your employee uses computer equipment, the cost of eye tests is an allowable expense. You can also claim for the cost of prescription glasses or contact lenses, but only if they’re used specifically for screen-related activities at the workplace.
  • Office Costs – Rent, utilities etc.
  • Pension Contributions – contributions made by the company into an approved pension scheme.
  • Phone costs – Contract has to be in company name.
  • Professional Fees – Accountants, solicitors etc.
  • Professional Memberships / Subscriptions – Memberships must be on HMRC prescribed list.  Also trade magazines.
  • Salaries / Wages – deducted from corporation tax.
  • Stationary, Printing, Postage
  • Training Courses – must be related to business.
  • Travel Expenses
  • ‘Trivial Benefits’ – You can give your staff small benefits up to £50.00.