What business expenses can I claim for?

If you have a business, you can claim certain expenses to reduce your companies Tax bill. Sadly, not everything you claim for can be used to offset this tax bill, and you need to have a team of Accountants Bath based people like https://chippendaleandclark.com/accountant-in-bath/ in your corner.

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The good news is that you can only pay tax on your taxable profit. For example, you have earned thirty-five thousand in profit but have deducted five thousand in expenses. Therefore only the thirty thousand will be taken into account for tax. It pays then to make sure all your costs are claimed and accounted for.

The first and usually largest cost that you would use is the business costs that you incur. This could be on the stationary and the use of phone systems. All receipts should be retained. If the business involves alto fo travel, then this should also be taken into account. The payment of staff, including contractors, should also be used and any uniforms that the staff wear.

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If the business is concerned with raw material and manufacturing, then those raw materials can be claimed for. It would be best if you had insurance and charges with your bank; these can also be claimed for. A deduction is also due to the heating and lighting of the premises (this is also true for home workers). All advertising and market can be deducted, finally, so can any train courses that are required.

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