While running a limited company, you will incur a variety of business expenses during your task of work from stationery and postage price to purchasing computer peripherals. If you incur for expenses, your limited company can receive a Corporation Tax saving on this expense. Corporation Tax Allowances for the tax year 2018/19, is currently 19% and R&D Expenditure credit increased from 11% to 12% for the year 2018/19. It’s very clear to understand what expenses you can be claimed through your limited company and minimize the tax you pay and leads more money to your pocket in the end the tax year.
You can claim the business expenses whether you are small business, contractor or freelancer. If you would like to find out more information about expenses then you may find these pages helpful:
Below you can find what a valid business expenses you can set off against Corporation Tax:
In order to claim the business expenses, it is very important to have the record of all receipts of expenses. For more information take a look at below expense pages:
For any of these business expenses and any other costs that you may want to claim back as a business or allowable expenses, it’s important for you remember that you need to retain all the receipts and related paperwork to prove the expense if later asked by HMRC, because if you will ask for expenses claim and unable to produce suitable document to validate the claim that you have to pay backdated income tax and national insurance on the value of the expense.
Limited companies must complete a P11D form, because it contains the details of all expenses claimed by each employee or director during the tax year. You should always consult your accountant if you have any query. For more information claiming expenses through a limited company, you can contact at: 02071480205 or you can book a free consultation today.
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