Keep your receipts and expenses for 6 yearsĪny expense receipts that you do collect need to be filed correctly and kept for six years. Travel and subsistence expenses usually have their own rules from contract to contract, but if you have been working on a specific contract for more than two years, you cannot claim for these. There are some ground rules when it comes to claiming expenses when you are working on a contract with a company, and here are some of those that you should know about before you go ahead:Īny expense claims should be incurred exclusively and necessarily in performing your business duties.įor example, you can claim expenses for your personal protective equipment while on assignment, as this is necessary to the business duties that you are performing.Īsking for a refund on a five course meal with caviar and lobster? There are certain business expenses that are allowable for a contractor.īut it can be rather a minefield trying to figure out what you are actually able to claim legitimately as a business expense. What are allowable expenses for a contractor and limited company?
Most contractors already understand that they should pay for these expenses with their own cash, then claim back on them later on via the company they are working for at the time. Some contractors work on the road, others work going from company to company to manage contacts or make sales.Įither way, when you work independently you will incur costs and you should be reimbursed for them. While you are working as a contractor, it’s inevitable that you will incur some expenses. What are allowable expenses for a contractor and limited company?.
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