Some running costs can be claimed as allowable, so it definitely pays to be fully aware of what is tax-deductible and what isn’t.
The following costs can be claimed as allowable expenses:
· Office (stationery, phone bills, rent)
· Travel costs (fuel, parking, fares)
· Clothing (work uniforms)
· Staff (salaries, bonuses, pensions, agency fees)
· Financial (accountants, solicitors, surveyors)
· Advertising/marketing (advertising in newspapers, free samples, website costs)
It’s advisable to research what you can/cannot regard as a tax-deductible purchase. For additional peace of mind you can speak to an accountant and get them to give your accounts and purchase history a once-over.