There is certainly a lot to think about when it comes to running your own business. So, there is no wonder that a few entrepreneurs and small business owners forget a few of their smaller important tasks and responsibilities. One thing that they usually forget about is collecting all the receipts and invoices to do with their company.
It’s really important that you do try and stay on top of all your expenses as these can be deducted from your tax at the end of the year. So, the more that you can claim for, then lower your tax bill will be. Make sure you don’t forget about these commonly missed business expenses.
Organizational And Admin Costs
Any costs that are related to your business’s organization and admin can be put towards your taxes. This included any costs that went towards the initial set up of your company. Thanks to this, many new entrepreneurs find that they can lower their first tax bill by quite some way thanks to the high expenses that come with setting up a business. Don’t forget to count any accounting fees as a business expense as well, as these count as admin costs.
If you need to buy some Vauxhall Panel Vans to start a fleet of drivers for your business, or you want to invest in company cars for all of your employees, then be sure to write these off as tax-deductible expenses. If you regularly drive your own personal car for business purposes, you can also claim a percentage of your mileage too. Don’t forget to also keep any train and flight tickets for business too, as these are also travel expenses.
Sustenance When Traveling
If you are on the road to a business meeting or conference, you will be able to claim back some of the cost of any food and drink you buy. After all, you still need to eat even if you are on business! You might not be able to claim for every meal each day as there are certain stipulations that dictate exactly what you can claim for when it comes to sustenance. Be sure to check these out so that you don’t accidentally claim too much.
Home Office Equipment
Even if you work from home, you will still need your own personal office space for the business. So, any equipment or furniture that you buy for your home office can be claimed against the business as an expense.
You will also be able to claim a portion of your utilities as a business expense if you work from home as well. If you have a dedicated office where you work with employees, you will be able to claim the full amount of utilities. If you do work from home, it’s a good idea to look up the exact percentage of utilities that you will be able to claim.
As you can see, there are quite a few commonly missed expenses. Make sure you remember them for your own business!