Welcome to the TAP business school!
Confused about what is an allowable expense for your business? Getting your expense claims right is important if you don't want to upset the tax man, so our guide explains some of the most common expense claims that are permissible.
Here we discuss common business expenses such as:
- Vehicle and travel expenses
- Staff costs and wages
- Materials or goods you sell
- The use of your home as an office
- Or, if you have an office – the rent, business rates and utility bills
- Capital expenditure for equipment or furniture
- Repairs and renewals to your equipment, for example if your laptop needs repairing
- Admin costs, which can include your internet and phone line, plus postage and stationery
- Advertising and marketing costs
- Business insurances
- Accountancy and some legal fees
- Membership and subscription fees to associations or industry publications
- Work clothing and training for you and your employees
- Bank charges, such as overdraft fees, HP agreements, loans and interest.
- And finally, entertaining costs - but that doesn't mean a few drinks with your friends on a Friday night I'm afraid!
If you're interested in learning more about this topic you may also find these videos useful:
Using Your Home as an Office: https://youtu.be/aTGvchlPRYY
Using a Car For Your Business: https://youtu.be/MPOrkNXF5Oo
The following guide on our website may also help you understand this topic better:
Can Freelancers Claim for Travel Expenses? - https://www.theaccountancy.co.uk/freelancer/freelancers-and-travel-expenses-56541.html
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At The Accountancy Partnership we provide client focused, complete online accountancy services for a low monthly affordable fee.
Based in Cheshire & London, we offer our online accounting services nationwide, throughout the whole of the UK. http://www.theaccountancy.co.uk
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