Common costs to expense for?

[joey122]

Ok new to all this contracting stuff so I d be interested in the kind of things people put through as expenses. I can see

Accountancy costs
legal fees
computer equipment
some stationery
lunch ?? Do you need a receipt?
Travel? Again do you need receipt
books

are there any other expenses which you can charge to the company WITHOUT keeping receipts ????


Admin note: General guide here: tax deductible expenses for IT contractors

What expenses do people put through which would be useful for a noobie??

[BrilloPad]

Monthly I put in unreceipted claims for :-

Subsistence
Newpapers/journals
Household expenses.

[joey122]

Monthly I put in unreceipted claims for :-

Subsistence
Newpapers/journals
Household expenses.

How do you do this? As petty cash?

[Coalman]

How do you do this? As petty cash?

Doh!

[joey122]

Doh!

Sorry van you articulate what you mean. Is that a yes or no?

If yes are there rules governing the amount of money that can be spent as petty cash?

[pmeswani]

How do you do this? As petty cash?

No.

It's something called dispensation. Speak to your Accountant about it.

In fact... think about it... why would anyone put in a claim for household expenses and a newspaper. HTH.

[sweetandsour]

It is best to get a receipt for everything and keep it as evidence of expenditure in case HMRC decide to inspect your books.

You can buy blank receipt books from Staples and just make up what you like.

My company books show quite a lot is spent on Taxis.

[Waldorf]

My accountant produces a useful guide, http://www.nixonwilliams.com/ard/doc...D=11&FID=13272

It seems to cover the main items.

[ChimpMaster]

Mobile phone and internet, so long as the contracts are in your Ltd Co name.

Don't put your business attire (suits etc) through ... I know some contractors that do this but it is not allowed.

Subsistence and lunch are only allowable if you are away from home overnight or have been away from home more than 12 hours (has this rule changed recently?).

[pmeswani]

Mobile phone and internet, so long as the contracts are in your Ltd Co name.

Don't put your business attire (suits etc) through ... I know some contractors that do this but it is not allowed.

Subsistence and lunch are only allowable if you are away from home overnight or have been away from home more than 12 hours (has this rule changed recently?).

My accountant has informed me of some new HMRC scheme to standardise what can and cannot be claimed, so even if you are working away from home for a certain length (days / months rather than hours) would become harder to claim expenses.