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Here you will find our top tips, explanations and anything we think you might need to know.

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Top 10 tax deductible expenses

To ensure you are capturing business expenses, we're going to list 10 of the top tax deductible expenses, just incase you are missing out. 

The basic rule of thumb is any costs incurred that can be classed as wholly and exclusively business use, you should be able to claim these expenses. Be sure to check with us if you do have any questions!

1. Home office costs

  • If you use an office space at your property you may be entitled to claim back some of the running costs, such as mortgage interest, broadband and electricity. The amount you can claim will vary on how much you use the space and must be reasonable.

2. Motoring costs

  • If you use your personal car for business mileage, you may be entitled to reclaim the miles covered at a rate of £0.45p per mile up to 10,000 miles and £0.25p thereafter. Parking and toll charges will be additional to this. 

3. Travel costs

  • If you regularly travel to get to a place of work, provided this is not your principle place of work (either your registered office or your trading address) then you can reclaim these costs.

4. Equipment

  • Whether it is a shiny new laptop or a set of new spanners, any tools and equipment required for you to complete your business duties will count as a business expense. 

5. Receipts

  • Lost the receipts for a business expense? Not to worry, ideally you will have all receipts but there can be exceptions. Provided you can prove the equipment was purchased and used by the business this should not be an issue. 

6. Food and drink

  • HMRC are aware that humans must eat to live, however, if you are out and away from your principle place of work some meals and drinks will be accepted. 

7. Clothing

  • Looking the part always means a lot, unfortunately you can't reclaim that lovely new dress or that dapper suit. Although you can claim uniforms or protective clothing required by your business for you to complete your duties.

8. Pension

  • Paying into a private pension from your limited company is a viable expense, meaning you can reduce both your corporation tax and income tax. Plus you'll have a pot ready for retirement!

9. Training and subscriptions

  • Continued professional development is classed as a business expense, training and some subscription costs (assuming they relate to your business) should be accepted. 

10. Christmas Party

  • We all love a party and so does the taxman at Christmas. You can reclaim the party costs assuming they are no more than £150 per employee. Obviously if you work for yourself it could be a quiet party.