Did you know there are over 36 expenses you can claim against tax?
When you incur expenses for your business, the taxman will contribute towards the cost so long as the whole purpose of the expense was for your business. So whilst you cannot claim for some personal items, there’s actually a fair bit that you can claim. It’s important to keep proper records. And make notes of the reasons (business) why you’re incurring the expenses.
So here are some common expenses you can claim.
- Use of home expenses
- Research and development. This is quiet generous because you get 2 for the price of one! The taxman allows you to claim say £200 when you’ve only spent £100. How cool and generous is that??? But wait you need a great tax accountant to help you with this!
- Hotel accommodation
- Telephone – If you’re a limited company, did you know you can claim for two mobile phones…?
- Networking event costs
- Protective clothing
- Pre-trading expenses from 7 years (that’s right..!! Another cool and generous gift from the taxman!)
- And finally guess what…? Accountancy fees! Yes the fee you pay your accountant is also tax deductible.
But there’s more…!
Click here to request for a copy of our one-page 36 tax deductible expenses.
ABOUT THE AUTHOR
Jonathan Amponsah CTA FCCA is an award winning chartered tax adviser and accountant. He is the founder of The Tax Guys.