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In the busy world of contracting, it may be easy to overlook expenses. All those receipts and mileage logs can seem daunting. But being aware of what expenses you can and can’t claim could lower your profits which in turn can increase your take home pay. Our jargon-free guide will help you understand how this works.
Claiming expenses is an important part of any business. HMRC defines expenses as being “expenditure that must be incurred wholly and exclusively for the purpose of the trade, profession or vocation” – sounds pretty straight-forward, doesn’t it?
As a contractor there is a big chance you will be contracting through an umbrella company, your own limited company or as a sole trader. Whichever method you choose, it’s important to know what specifically you can and can’t claim as expenses.