Claiming back expenses is one of the key attractions of running a business but knowing what to claim can sometimes be difficult to understand. Getting to grips with what you can and can’t claim for, however, will not only save you money on tax but also boost your business profits when you don’t end up paying HMRC more tax than you need to.
The following advice looks at the most common business expenses you can claim for:
If you are a business owner working in B2B then you can claim a mileage allowance of 45p per mile although this must be business miles in your car rather than social domestic or pleasure of course. You also can’t claim for the actual drive to your office which comes under commuting. You can also claim for things like meal expenses.
Working from home
Did you know that if you work from home you can claim for expenses on all kinds of things such as heating, electricity, broadband and even some repairs. You will need to be careful to separate work expenses from household expenses and remember that you will only be able to claim for using part of the house as your office.
Training yourself and your staff is not only good for business, but is also tax deductible under certain circumstances. You will need to prove that the training is to improve the skills required to operate in your sector rather than taking courses to learn something completely new.
If you want to find out everything you are entitled to please consult one of our experts.