When you’re running a small business, every penny counts, including those you can save through legitimate tax deductions.
You’re probably aware of standard write-offs like office supplies and staff wages, but what about the more obscure write-offs available to your business?
In this blog, we delve into unknown business expenses that are perfectly legitimate in the eyes of His Majesty’s Revenue and Customs (HMRC).
- Morning coffee: If you’re buying coffee for your staff to keep the office running smoothly, this can be a deductible expense. The tea and coffee must be available to all staff.
- Industry publications: Subscriptions to industry-related magazines or online platforms are typically deductible. However, they must be related to your business.
- Professional development: Educational courses designed to improve employee performance are often deductible. Keep records of course fees and related expenses to claim back in future.
- Business gifts: You can deduct costs of gifts to clients or suppliers, up to a certain limit per year. A gift below £50 (that isn’t food, drink, or tobacco) is not subject to tax.
- Software: From project management tools to specialised software, digital assets are usually tax-deductible.
- Networking events: Costs of attendance at industry conferences and local networking events are often tax deductible.
Business expenses and your home office
Utilising a home office for business purposes offers several tax advantages and since the pandemic this has become a much more popular working arrangement.
In the UK, you can claim a portion of your household costs like rent, electricity, and Wi-Fi as expenses, so long as business is done on the premises.
This ‘use of home’ expense is proportionate to the amount of space used solely for business activities.
Keeping meticulous records is crucial for maximising all the above deductions.
The key to all the above deductions is meticulous record-keeping and consulting a qualified tax advisor. Don’t miss opportunities to optimise your tax situation and boost your business’s financial health.
You should consult one of our tax advisors to make sure you’re fully compliant and optimising your tax situation.
To speak to one of our experts, get in touch.
Our BLOG
How do Companies House address suppression changes impact company directors?
TESTIMONIALS
The staff at CST are always very friendly and approachable.… Read more “Mr JD Dolling, SW Heating Equipment Ltd”
We have been with CST for more than seven years… Read more “Doris Francis, Engineering Services (Bridgend) Ltd”
Our business has been handled by CST for many, many… Read more “Mr & Mrs Rise”
I moved my business to Clay Shaw Thomas because I… Read more “Sandra Wilkinson of Sage Marketing”
The audit was well planned and executed efficiently, with minimum… Read more “GE Carpentry”
Privately and within the company Clay Shaw Thomas provides a… Read more “Seashore Enterprises”
I am very happy with the service from CST. An… Read more “Mr Atkinson “
The family connection with CST goes back many years and… Read more “Dr Jones”
CST are very efficient, courteous and proactive when dealing with… Read more “Mr CMG Adams”
I have been a client for over twenty years and… Read more “Mr J T Wall”
Always one step ahead of the game, CST have helped… Read more “Mr RT Evans”
CST Staff always give unbiased advice in a clear and… Read more “Mr L Branfield”
It has been a professional pleasure working with CST, they… Read more “Mr P Jenkins”
SUBSCRIBE to our list
If you would like to see full details of our data practices please visit our Privacy Policy and if you have any questions please email tellmemore@clayshawthomas.com.