The expenses you incur will depend on your business activities. To be tax effective, expenses have to be incurred wholly exclusively and necessarily in the performance of your duties. We are experts in indentifying ‘tax deductible expenses’. We will ensure that all allowances and expenses are maximised and claimed where appropriate. The following are typical examples of expenses claimed:

  • »  Contractor’s gross salary
  • »  Employers National Insurance on the contractors’ salary.
  • »  Pension contributions.
  • »  Business travel and subsistence.
  • »  Business subscriptions.
  • »  Company postage and stationery.
  • »  Computer and internet costs.
  • »  Advertising and website costs.
  • »  Company bank account charges and interest.
  • »  Tax allowances on company vehicles, computer equipment, office furniture etc.
  • »  Interest on loans for business purposes.
  • »  Accountancy fees.
  • »  A charge for the use of the contractor’s home as office, if appropriate.
  • »  Salary of spouse (where appropriate) for work done.
  • »  Employer’s national insurance contributions, if any, on the salary of the spouse.
  • »  Business proportion of the cost of telephone calls on a phone not owned by the company and all costs of a telephone, which is owned by the company.

Pre-Trading Expenditure Some expenditure, for example travel to agents and prospective customers before a ‘normal place of work’ can be ascertained, or the cost of a computer for preparing CV’s may be incurred before the contract starts. Providing it is allowable trading expenditure, it may be treated as a cost of the first accounting period. You should be keeping a note, now, of mileage’s travelled, telephone calls made etc. so that you can claim these costs when the company receives its first income

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