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Expenses
Expenses are important, you want to make sure you claim everything that is allowed to take home as much money as legally possible, and we are here to help.
The official line from HMRC is expenses must be “incurred wholly, exclusively and necessarily in the performance of your duties”.
In other words, as a general rule, as long as your expenses are genuinely needed for your business you can claim them. However, there are lots of complicated rules surrounding expenses, but that’s what you pay us for.
This Expense Guide has been written to provide anyone who has a limited company with enough information to cover the basics of expenses. We hope you find it useful.
The guide provides general guidance only, specific advice should be sought from your accountant regarding your circumstances before any action is taken.
All of the rates and allowances in this guide are for the tax year 2024-25. After the 5th of April each year, we will release a new guide with up-to-date rates and allowances, contact your account manager or visit our website for the latest guide.