What types of expenses can I be claiming back?

I get asked this question all the time, and of course it is dependent on the type of business you are running – but here are some basics you should be recording and re-claiming in your tax return:

· Office Expenses – this includes any business stationery, printing costs, postage. Also, if you buys any computers you can claim these as capital purchases.

· Business Premises – Obviously if you have an office that you rent, make sure all of these costs are put through, as well as maintenance and repairs. If you run your business from home, you can also claim a proportion of your household costs!

· Travel – if you are a travelling to a single place of work, unfortunately that isn’t allowable. However, any additional mileage you can – at £0.45 per mile for the first 10,000 miles.

· Stock & Materials – make sure you re-claim the cost to provide your goods or services!

· Legal & Financial costs – if you hire an accountant, bookkeeper, or a solicitor for your business, these are all allowable.

· Business Insurance

· Marketing – anything to market your business – business cards, advertising, website costs.

· Clothing – Unfortunately you can’t re-claim that gorgeous new dress you bought at the weekend (sad face), but any necessary clothing, for example uniform, protective clothing or costumes are allowed.

· Staff costs – if you have any members of staff, make sure their salary, as well as bonuses are re-claimed.

· Subscriptions – if you are subscribed to a trading or professional body that is relevant to your business, you can re-claim this. Unfortunately, your Netflix subscription doesn’t count!

If you have a random expense you would like to check, let us know and we would be happy to give you a thumbs up or thumbs down!

AC :)