{"id":5516,"date":"2024-01-10T15:11:29","date_gmt":"2024-01-10T15:11:29","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=5516"},"modified":"2024-01-10T15:11:30","modified_gmt":"2024-01-10T15:11:30","slug":"allowable-business-expenses-simple-ways-to-save-money","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/allowable-business-expenses-simple-ways-to-save-money\/","title":{"rendered":"Allowable business expenses \u2013 simple ways to save money"},"content":{"rendered":"

As a business owner, you are probably aware of some of the expenses that you could claim back on in your yearly Self-Assessment tax return.<\/p>\n

<\/p>\n

However, many are unaware of the simple, smaller costs that they could claim which could provide some much-needed cash in harder economic times.<\/p>\n

So, rather than tightening your belt, why not widen the net of expenses you are claiming for?<\/p>\n

Office costs<\/strong><\/p>\n

Office costs are a fundamental expense for most businesses.<\/p>\n

This includes everyday office supplies like stationery, printing costs, and postage but it can also cover software that is crucial for your business operations.<\/p>\n

Whether you’re buying paper for the printer or a new business management software, these costs can be claimed if they are exclusively for business use.<\/p>\n

The GOV.UK site<\/a> has a lot more information on these Capital Allowances but make sure you read to the bottom of this article first for more important information.<\/p>\n

Travel costs<\/strong><\/p>\n

If you travel for business purposes, these costs can also be claimed.<\/p>\n

This includes expenses such as fuel, train or bus tickets, taxi fares, and airfares.<\/p>\n

Accommodation and subsistence<\/a> costs, like hotel rooms and meals during business trips, are also claimable.<\/p>\n

However, travel between your home and regular workplace is not typically considered a business expense unless it’s a temporary work location.<\/p>\n

Staff costs and training courses<\/strong><\/p>\n

Staff costs are probably one of the most significant expenses in running your business.<\/p>\n

This includes salaries, bonuses, pension contributions, and National Insurance Contributions (NICs) for your employees.<\/p>\n

Costs for subcontractors and temporary staff can also be claimed for but you should ensure that all staff payments are for business purposes and are documented properly before proceeding.<\/p>\n

Training courses for your staff that are relevant to your business can also be claimed as an expense.<\/p>\n

This includes courses that improve your skills or the skills of your employees in their current roles.<\/p>\n

However, courses for new skills or training for a different role or business are not typically considered allowable.<\/p>\n

Costs of your business premises<\/strong><\/p>\n

If you operate from a business premises, the associated costs are allowable expenses.<\/p>\n

This includes rent, utility bills (like gas, water, and electricity), property insurance, and maintenance costs.<\/p>\n

However, if you work from home, you can only claim a proportion of these costs based on how much of your home is used for the business.<\/p>\n

When to speak to an accountant<\/strong><\/p>\n

Each of these expenses must be documented accurately and be strictly for business purposes to qualify as tax-deductible.<\/p>\n

As such, we always recommend you consult with a tax professional to ensure compliance with HM Revenue & Customs guidelines.<\/p>\n

As accountants, we have an insider\u2019s perspective on the way that tax works and can advise you on the right course of action for mitigating these liabilities.<\/p>\n

If you are planning to claim expenses, speak to our team first. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

As a business owner, you are probably aware of some of the expenses that you could claim back on in your yearly Self-Assessment tax return.<\/p>\n","protected":false},"author":2,"featured_media":5519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125,30,56,31,59,77,4,26],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5516"}],"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=5516"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5516\/revisions"}],"predecessor-version":[{"id":5517,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5516\/revisions\/5517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/5519"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}