Where possible, it is advisable to cover any company expenditure directly using company funds such as directly via the company bank account. This ensures that all company transactions are kept in one place and can be easily tracked.
Where possible, it is advisable to cover any company expenditure directly using company funds, such as making a payment directly via the company bank account. This ensures that all company transactions are kept in one place, and can be easily tracked.
If you're paying for business expenses through your personal funds, it helps to establish a process for expense tracking and claiming (just as you would, if you were to make a claim from an employer). It's best to set aside time to manage your expense claims on a regular basis, such as once a month or fortnight. You can keep track of your expenses by using a spreadsheet, or through apps such as Expensify.
Book a free contractor accountant consultation to talk through your expenses.
Our limited company expenses guide talks through all the different expense categories you can claim for along with key examples and how this can impact your corporation tax.
This Outside IR35 Calculator for contractors estimates take home pay for contracts Outside IR35.
