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Which Business Expenses / Costs Can I Claim?

Okay, so you’re busy running your business – we get that – and it’s hard to keep track of the business expenses and costs that are eligible for tax relief – and by not being on top of these, it is possible that the company ends up paying too much tax! Let’s put a stop to that!

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Accountant

The company can claim tax relief for the full cost of an accountant preparing accounts for the company. However, if the company pays for accountants’ fees to complete your own personal tax return, then you would have to report this amount as a taxable benefit on your own return. To avoid this, your accountant may be able to put the cost of accountancy fees for your own tax return to your director’s loan account.

Advertising & Marketing

The company can claim tax relief on advertising and marketing costs for the business. Watch out, though – some costs that you consider “marketing” (like taking a client out to lunch) may be considered “entertaining” by HMRC. For more details, see
‘Entertaining’.

Animals

The company may be able to claim tax relief on costs associated with some animals, such as farm animals or guard dogs. If you’re a small business and own a dog and it comes to work with you… that is not a working animal.

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Bank interest & overdraft charges

  • Business accounts If the company has a business bank account in its own name, it can claim tax relief on the interest payments and charges.
  • Personal accounts Interest and charges on a personal bank account or credit card aren’t allowable for tax and shouldn’t be included in the company’s accounts.

Broadband

Home

If you work from home as a one-person business and don’t have a separate broadband contract for your business, you can claim back from the company the full cost of all of your business use of your home broadband (using an itemised bill), and a percentage of the line rental. If you pay a fixed fee for your broadband, you should claim the business percentage of your usage of broadband. To calculate the percentage that you can claim, work out how much you use it for business purposes and how much is for personal use.

Make sure that the company doesn’t pay your home broadband bill directly to the phone company because this is a benefit that has to be taxed with your salary. You should pay the broadband bill personally, then claim the business use of the line back from the company.
Office
If you have a separate broadband contract for business, make sure you put the contract in the company’s name. The company should pay this cost directly to the telephone company (for example, BT or Virgin). The company can claim tax relief on the full cost of the broadband line rental and the business use of the broadband.

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