40 common business expenses to lower your tax bill

Dive into the realm of allowable business expenses for sole traders, guided by the fundamental principle of HMRC: expenses must be “wholly and exclusively” for business purposes. This guide goes over 40 common business expenses that…

5 Minute Read

Last Updated: 31st March 2024

Dive into the realm of allowable business expenses for sole traders, guided by the fundamental principle of HMRC: expenses must be “wholly and exclusively” for business purposes.

This guide goes over 40 common business expenses that could potentially lower your tax bill. From costs like rent and utilities to travel expenses, including vehicle maintenance and fuel, this video covers a wide range of expenditures.

Understand the distinction between allowable and disallowable expenses to ensure you’re not paying more tax than you have to. The guide also highlights how home office expenses can be claimed, offering two methods: a flat rate based on work hours from home or a detailed calculation of actual business use. Discover how expenses like telephone costs, broadband, and stationery can be deducted, along with larger purchases like equipment.

Learn about financing-related expenditures, such as loan interest and bank charges, and the nuances of claiming travel expenses, which include vehicle costs and accommodation for overnight trips. Advertising, marketing, and professional fees are also covered, emphasizing their role in promoting and supporting your business.

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Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.

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