Limited companies and llps

Guidance on what expenses you can claim and what information you need to provide for your accounts and tax returns.

what expenses can i claim?

  • Purchase of goods for resale

  • Purchase of tools and equipment

  • Stationery and postage

  • Business insurance

  • Mobile phone costs

  • Advertising and marketing costs

  • Subscriptions and professional membership fees

Expenses incurred must be wholly and exclusively for the purposes of business, if there is a private element to a cost there may be benefit in kind tax implications. You can claim expenses incurred necessary for the running of your business, such as, but not limited to:

Business man hand with pen on paper and another hand on a calculator.

  • Wages, salary or subcontractor expenses, if you employ any staff or subcontractors

  • Premises costs where leasing business premises (rent, utilities etc)

  • If you work from your home, you may be able to claim a use of home expense.

  • Travel and motor expenses - if you use a personal vehicle for business purposes, keep a record of the business miles you travel in the year, if the business owns the vehicle keep a record of the actual vehicle running expenses (fuel, repair costs, insurance, etc)

what information do i need to provide for my accounts?

For us to prepare your business accounts you will need to provide us with certain information.

  • If you keep records on a bookkeeping software, you will need to provide us with access to this.

  • Details of your income such as invoices, monthly subcontractor statements etc (unless this is raised in your software)

  • Records of your business expenditure such as purchase invoices, till receipts and other paperwork

  • Business bank statements, including for savings accounts and credit cards

  • Loan statements, if you have taken out a business loan

  • Hire purchase documents for business items purchased on HP.

View of calendar with a date circled.

Deadlines

Limited company and LLP deadlines are determined by the financial year end. Accounts are due at Companies House 9 months after the year end. Payment of corporation tax is due the following day, and the corporation tax return due 1 year after the year end.

Need more information?

If you have any questions about whether you can claim certain expenses, what records to provider, or anything else, contact us.