Accountants DerbyBusiness Expenses – summary

In this guide for limited companies, we have listed some common business costs and expenses. Though the list is not exhaustive, it covers the majority of business costs incurred by small businesses.

As a business owner you will be busy running your company, so it’s important to understand the expenses incurred that will determine your taxable income. The expenses must be for the purposes of your business for them to be deemed allowable by HMRC.

What Business Expenses Are Allowable?

Here is a list of some of the common business expenses you may be able to claim through your limited company:

• Accommodation
• Annual health check
• Bank charges
• Bonuses
• Broadband
• Business insurance
• Capital allowances
• Childcare regulations
• Christmas annual events
• Clothing
• Company cars and vans
• Company formation
• Computer equipment and software
• Course fees
• Employers’ national insurance contributions
• Eye test
• Food
• Health insurance
• Hire purchase agreements
• Home office
• Incidental overnight expenses
• Marketing
• Mileage expenses
• Mobile
• Office rental
• Office supplies – stationary, postage and printing costs
• Parking spaces
• Pension contributions
• Professional indemnity insurance
• Professional memberships
• Public transport
• Salaries
• Subscriptions and professional fees – accountants, solicitors etc
• Subsistence and the 24-month rule
• Telephone
• Training fees
• Travel

For more information on claiming expenses through a limited company, please don’t hesitate to contact us.

Read our detailed guide to Business Expenses

Contact us to arrange a free consultation!