What expenses can you claim back in your business?

Every business owner is looking for ways to save money. For example, when you are a small or self-employed business person, the need to cut costs and maximise profits is even more acutely felt. One of the most debated areas of cost-cutting is when and how you can claim expenses. But, most importantly, what ones can you claim for?

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Van, Car and travel expenses are clearly acceptable. This is where Fuel Cards can really come into their own. The reason is that with a fuel card, you can easily document what you are going to claim back. The fuel card only allows you or an employee to purchase fuel on it, so there can be no confusion about what is being claimed. So you can find out more by clicking on the link.

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Other areas that you can claim for include Marketing products, entertaining clients and guests, plus the use of office equipment. If you have to wear a uniform and it’s not provided, this is another expense you can claim. Legal and financial costs are also taken into account. This means you can claim back insurance costs. For example, hotel stays, conferences and shows visits,  the MOT and service on a car that is essential to the business, all of these things can contribute to reducing the business tax bill. If you are a home-based operation, you can claim as a homeworker as well.

Richard Anderson

RuSSali

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