Business expenses are deducted from your company profits and as you only incur tax on your profits. If your profits decrease, then your tax bill could decrease as well. However, as expenses work on a case by case basis it is always a good idea to speak to an accountant for information about your individual circumstances.

According to HMRC, a business expense refers to costs which are incurred wholly and exclusively for your business. As a contractor operating outside of IR35, you may be able to claim costs if they fit this description.

See below for some examples of business expenses:

  • Accountancy Fees
  • Business Travel
  • Accommodation 
  • Mobile Phone Bill
  • Training Courses
  • Stationary
  • Specialist Clothing

Read our Guide to Expenses for Contractors, contact the Nixon Williams Best Advice Team on 01925 644478 or email chas@nixonwilliams.com to find out how we can help you with your business expenses.

CHAS have partnered with Nixon Williams to provide you with financial support for accounting and tax. You can take advantage of an exclusive CHAS member discount: 2nd month free (£95) – after initial first month payment. Click here to find out more about this exclusive offer.

This includes: 

  • Full yearly accounts including corporation tax
  • VAT set up and associated returns 
  • Access to online client portal, Vantage 
  • Self-assessment tax returns
  • All company administration (change of address, share changes and board minutes) 
  • Plus much more...

As your accounting partner, Nixon Williams are here to make your life as a contractor as simple as possible. That’s why we offer two accountancy packages - as well as a host of other services - so you can choose which one is right for you; Vantage Gold (£95 plus VAT per month) and Vantage Platinum (£110 plus VAT per month). Click here for more information about our accountancy packages.

Becoming a Nixon Williams client means you have unlimited access to a dedicated accountant who will help with the running of a limited company, whichever service you choose.