{"id":5337,"date":"2023-09-07T12:46:51","date_gmt":"2023-09-07T12:46:51","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=5337"},"modified":"2023-09-07T12:46:52","modified_gmt":"2023-09-07T12:46:52","slug":"business-expenses-you-didnt-know-you-could-write-off","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/business-expenses-you-didnt-know-you-could-write-off\/","title":{"rendered":"Business expenses you didn&#8217;t know you could write off"},"content":{"rendered":"<p>When you\u2019re running a small business, every penny counts, including those you can save through legitimate tax deductions.<!--more--><\/p>\n<p>You&#8217;re probably aware of standard write-offs like office supplies and staff wages, but what about the more obscure write-offs available to your business?<\/p>\n<p>In this blog, we delve into unknown business expenses that are perfectly legitimate in the eyes of His Majesty\u2019s Revenue and Customs (HMRC).<\/p>\n<ul>\n<li><strong>Morning coffee: <\/strong>If you&#8217;re buying coffee for your staff to keep the office running smoothly, this can be a deductible expense. The tea and coffee must be available to all staff.<\/li>\n<li><strong>Industry publications: <\/strong>Subscriptions to industry-related magazines or online platforms are typically deductible. However, they must be related to your business.<\/li>\n<li><strong>Professional development: <\/strong>Educational courses designed to improve employee performance are often deductible. Keep records of course fees and related expenses to claim back in future.<\/li>\n<li><strong>Business gifts: <\/strong>You can deduct costs of gifts to clients or suppliers, up to a certain limit per year. A gift below \u00a350 (that isn\u2019t food, drink, or tobacco) is not subject to tax.<\/li>\n<li><strong>Software: <\/strong>From project management tools to specialised software, digital assets are usually tax-deductible.<\/li>\n<li><strong>Networking events: <\/strong>Costs of attendance at industry conferences and local networking events are often tax deductible.<\/li>\n<\/ul>\n<p><strong>Business expenses and your home office<\/strong><\/p>\n<p>Utilising a home office for business purposes offers several tax advantages and since the pandemic this has become a much more popular working arrangement.<\/p>\n<p>In the UK, you can claim a portion of your household costs like rent, electricity, and Wi-Fi as expenses, so long as business is done on the premises.<\/p>\n<p>This &#8216;use of home&#8217; expense is proportionate to the amount of space used solely for business activities.<\/p>\n<p>Keeping meticulous records is crucial for maximising all the above deductions.<\/p>\n<p>The key to all the above deductions is meticulous record-keeping and consulting a qualified tax advisor. Don&#8217;t miss opportunities to optimise your tax situation and boost your business&#8217;s financial health.<\/p>\n<p>You should consult one of our tax advisors to make sure you&#8217;re fully compliant and optimising your tax situation.<\/p>\n<p><strong>To speak to one of our experts, get in touch. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re running a small business, every penny counts, including those you can save through legitimate tax deductions.<\/p>\n","protected":false},"author":2,"featured_media":5340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125,30,25,26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5337"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5337"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5337\/revisions"}],"predecessor-version":[{"id":5338,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5337\/revisions\/5338"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/5340"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}