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What to include as a business expense

What to include as a business expense

If you generally file your own tax returns, you might feel that you can put the cost down of everything you genuinely need for your business and in addition, costs accumulated over the year from social spends to deduct against your turnover. However this is not the case at all. There are many techincal areas and ways to maximise your position.

As a broad list your allowable expenses that are strictly related to your business include;

Business Premises: 

  • Rent
  • Maintenance
  • Utility bills
  • Property Insurance
  • Security 

Office Expenses:

  • Business Stationery
  • Printing
  • Postage
  • Software subscriptions
  • Magazine/newspaper subscriptions

Clothing:

  • Uniform
  • Protective clothing
  • Costumes for example entertainers

Staff costs:

  • Pension Contributions
  • Benefits
  • Agency Fees
  • National Insurance
  • Bonuses

Legal and Financial Costs:

  • Bank charges
  • Hire Purchase / Leasing payments
  • Solicitor / Legal costs 
  • Accounting Fees
  • Surveyor / Architect (for business reasons)
  • Business Insurance

Marketing: 

  • Website Marketing and Maintenance
  • Domain Registration
  • Digital Advertising ie SEO / PPC
  • Directory Listings
  • Advertising

Materials:

  • Raw Materials (direct cost that produces your goods)

Travel:

  • Cost of Vehicle for business use eg Van
  • Vehicle Insurance
  • Breakdown/Rescue Cover
  • Fuel
  • Hire Charge
  • General Maintenance of vehicle(s)
  • Travel expenses; taxi, plane, train 
  • Hotel costs for overnight meetings
  • Meal costs
  • Mileage for meetings from and to the workplace 

Also there are expenses that should not be included as any expenses which are everyday clothing you will wear to work, medical procedures and your commute from your home to your place of work. 

At Cogs we are always looking to make sure you get the best position out of your expenses. With our extensive experience, we are here to advise you and help you with the management of your receipts, your paperwork and accounts for your business. Get in touch if with the team to chat about our services.

Tags: Small Business Advice Bookkeeping Tax Windsor Accountants Accountants Windsor

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