Business Expenses: A Simple Beginner’s Guide:

BUSINESS EXPENSES FAQs

Starting a business? Great! Let’s talk about allowable expenses for business. This guide will highlight methods to reduce your tax bill by accounting for allowable business expenses.

Office Costs:
Do you rent an office or work from home? You can claim some of these costs back. If you work from home, make sure you have an allocated space just for work.

Digital Tools:
Do you use computer programs or online tools for your business? You can claim money back on these.

Travel Costs:
If you travel for work (like going to meetings), you can claim these costs. But remember, holidays don’t count!

Equipment:
Bought a computer or machinery for your business? You can claim some or all the cost.

Paying your team:
If you have people working for you, their pay and some benefits can be claimed back. Here’s a link with useful information: https://www.gov.uk/browse/employing-people

Professional help:
Paid for advice from experts like lawyers or accountants? You can claim this back.

Promoting your business:
Spent money on ads or flyers? You can claim these costs. This will help you grow your business without spending too much.

Learning new things:
If you or your team take courses to help the business, you can claim these costs.

Bills:
You can claim back some costs like electricity and internet if they’re used for your business.

Business Insurance:
Got insurance for your business? You can claim some of this cost.

Business Loans:
If you borrowed money for the business, you can claim back the interest you pay.

Giving to charity (Donations):
If your business gives to charity, you can claim some costs.

Here’s a useful link: https://www.gov.uk/donating-to-charity

And here’s another: https://www.gov.uk/expenses-and-benefits-a-to-z

There are many ways to save money on taxes. We recommend the use of software such as Xero, Quickbooks or FreeAgent to keep your records in order.

Always ask a bookkeeper and/or accountant for advice to make sure you’re doing it right.

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