13 April 2022

Expenses you can claim

By ruiiid5

When running a business, there are a number of expenses that you can claim. The way in which you do this and the types of expenses that you can claim will depend very much on the legal setup of your business. Limited companies, for example, will have different ways to claim expenses when compared to sole trader businesses. It is for this reason that it is important that you work with a professional Bath Accountants such as https://chippendaleandclark.com/accountant-in-bath/ to ensure you are claiming the right expenses. Here is a rough idea of some expenses you can claim.

Image credit

  • Insurance – there are a number of types of insurance that businesses need, and you can claim all of these as business expenses. It is often best to set this up as a direct debit that comes directly out of your business account.

Image credit

  • Computer equipment and software – all of the computers that you use in your business can be noted as either an asset or an expense, and the software that you need to carry out your business function can also be claimed. This can include antivirus software, Microsoft 365, Adobe and any others that you use.
  • Stationery – any paper and pens that you use for your business can be claimed.
  • Printing and postage costs – again, as above, any printing that you need to do either in-house or externally, as well as postage through franking or stamps, can also be claimed.
  • Fuel or mileage – you will need to decide whether you are going to claim fuel expenses or mileage. This may depend on how often you travel for business as well as your business setup.