If you are running your own business there are a number of expenses you can claim when handing in your tax return. Larger business are quite expert at this but a lot of small businesses and self-employed people miss out by not knowing exactly what they can claim for.
A large number of costs that would be seen to be personally beneficial can legitimately be claimed as business expenses. If you have a separate phone and Internet connection for business then the bills for these can be tax detectable; if they are combined with your personal cell and broadband you can still claim against a percentage of the bill. Subscriptions to relevant magazines and periodicals can also be claimed for. Not forgetting membership fees for relevant societies and clubs.
If you are renting an office then this can be claimed against; along with any utility bills such as gas and electricity. Other aspects of your office which are tax deductible include furniture, fixtures and fittings and insurance. One thing to be aware of though is that if you own a premises it cannot be claimed against.
You can make claims for almost all of your stationary and supplies. This might sound like a minor saving but when you add up all the pens, pencils, paper, printer ink, postage stamps and paperclips your business will use throughout the year it can add up to quite a handsome saving.
If you use your car for both business and personal use it is unlikely you will be able to claim anything against the vehicle itself but you can claim for fuel used on business trips. There are mileage restrictions on this though which vary from vehicle to vehicle.
If you have to eat away from the office for business reasons then you can claim these meals as a business expense. There is a “reasonable” usage monitor for this though, so you can’t take your family and friends out for business lunch every Friday.
With all of the above be sure to keep your receipts as evidence of your claims and run anything you are unsure of by your local authority, financial adviser or small business accountant.