The allowable business expenses for limited companies can help in reducing the profit and consequently reduce the Corporation Tax that you need to pay. If you need some help in claiming your expenses or perhaps with your limited company accounts, then you can always make an appointment with an accountant. Do you simply keep a list or save all your receipts in a box? Ultimately, there are a lot of methods that you can use, however, it will depend on the type of your expense. However, it is not just about understanding what you can claim but knowing how you are going to actually claim it. Here, we will give you a list of all the expenses that you can claim as an owner of a limited company. In a like for like comparison for services we are up to 70% cheaper than a high street accountant. Want to switch to More Than Accountants? You can get an instant quote online by using the form below. Sometimes this can also affect the amount that you pay for your personal tax. If you will claim every allowable business expense, then you can ensure that you don’t have to pay more tax than you have to.Īlways remember the general rule which is expenses should be exclusively, entirely, and necessary for the business only. However, the rules of HMRC can sometimes be complicated and most often they are based on certain ideas including being fair and reasonable when claiming expenses. This can decrease your earnings and as a result, it can lessen your Corporation Tax payments. If you want your business to be tax-efficient, then the simplest way to do it is to claim for your business expenses. Regardless if you have a big or a small company, one of the biggest parts of running a business is being keen with your expenses. This article can help you in making the most of your tax relief. Because of this, it is possible that you are paying more tax than you should. Whether you are a seasoned expert managing your own limited company or you are just starting to build your own limited company for the first time, sometimes there are business expenses that are unclaimed.
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