Business expenses you can claim
In theory this is straight forward, however the reality can prove to be rather more complicated. Some expenses are obviously solely related to the business or the purchase of stock and materials, rent for business premises, stationery and postage etc.
However, many expenses may be part business and part private. In this instance you are able to claim the proportion that is clearly identifiable as relating wholly and exclusively for the business.
Sometimes it is not always possible to support expenses with an invoice, but this can be permitted depending upon the expense and the amount.
Please contact us and we will be happy to advise you on expenses and provide you with a list of the most regularly claimed expenses.
Employment related expenditure
Claiming expenses as an employee is much more restricted and notoriously difficult.
As well as being wholly and exclusively it must have been incurred necessarily in the course of your duties. If you have incurred expenses in furtherance of your work and you have not been reimbursed then it may be possible to claim the expenses for you through self-assessment.
If these are regular expenses then your coding can be updated so that the correct tax is deducted in the future. Ask us to highlight your tax deductible expenditure today.