A Contractor’s Guide to Claiming Business Expenses!
Business expenses are the costs you incur whilst performing your business duties. They must be reasonable and must have been incurred “wholly, exclusively and necessarily” in the performance of your work duties for business purposes. There should always be a reasonable expectation that the expenditure will contribute toward future revenue generation.
HMRC can and do check what’s been claimed and will ask you to provide evidence that the expense that has been incurred, was reasonable (i.e. supported with a receipt) and was a genuine business expense. Each time you claim business expenses you are asked to ensure that you only claim allowable expenses and that you retain the receipts.
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