To help you keep your small business’ bottom line in order, this week Axis for Business outlines five business expenses you can claim if you’re self-employed.
Deduct Allowable Expenses from Your Taxable Profit
As an independent energy and telecom provider which offers the best deals out there to small businesses across the UK, Axis for Business knows that SMEs need to save money wherever they can.
If you are self-employed and the owner of a small business, one area where you can save money is your taxes. You can claim a number of allowable expenses, which you can deduct from your taxable profit. These allow you to pay less tax and save money.
Claim on Your Tax for the Following Five Business Expenses
There are a number of areas where you can claim allowable expenses for your business, including the following five…
1) Travel: If you use a car for business purposes i.e. a business meeting, you can claim for the fuel you use to travel there.
2) Office Costs: There are a number of general office and stationary costs that count as allowable expenses including postage, stationary, phone costs, printer ink and cartridges etc.
3) Staff Expenses: If you hire any staff, as most small businesses do, you can claim allowable expenses for a number of things, including salaries, pensions, bonuses, employers national insurance etc.
4) Legal and Financial Costs: Most small businesses incur legal and financial costs at some point, and the government allows you to claim them as allowable expenses. This is a wide area, and includes (but is not limited to) the hiring of accountants, lawyers etc., bank charges, insurance policies etc.
5) Marketing Expenses: In the modern world, every small business needs to generate customer interest by marketing itself. The government allows you to claim a number of allowable costs to do so, including website costs, free samples, bulk mail advertising etc.
Do the Research and Find out More
This is only an introduction. If you are self-employed, there a number of areas where you can claim allowable expenses, and reduce the amount of tax your small business has to pay. Research allowable expenses to find out more.