Business Expenses UK: What you can claim.

As a self-employed individual or a business owner, you will incur different expenses related to your work. There are different tax claims available for you to reduce your tax bill by claiming those expenses. Here are some of the common business expenses in the UK which is eligible for a tax relief. 

Travel Expenses

If you have incurred any travel-related expenses for a business need. Then you are eligible to claim those expenses. However, you cannot claim tax relief on any private mileage or personal travel. Some of the allowable expenses include the following:

  • vehicle insurance
  • repairs and servicing
  • fuel
  • parking
  • hire charges
  • vehicle licence fees
  • breakdown cover
  • train, bus, air and taxi fares
  • hotel rooms
  • meals on overnight business trips

Office Expenses

Any of expenses which is incurred by you to run your business office such as rent, utility bills and insurance. You can also claim for any repairs and maintenance for your office space or equipment. As long as it wholly incurred for the purpose of business.

Equipment and Supplies

You may be able to claim tax relief on the cost of purchasing or leasing equipment and supplies that are essential to your business. This could include things like computers, software, stationery, and other tools and equipment.

Training and Development

If you attend training or development courses that are related to your business, you may be able to claim a business expense tax relief on the cost of these courses. This could include courses that help you improve your skills or knowledge in your industry. However, you can’t claim any expense for a training that is to help you start a new business or expand to new areas of business.

Marketing and Advertising

If you incur costs related to marketing and advertising your business, you may be able to claim tax relief on these expenses. This could include expenses such as website design and hosting, social media advertising, and printing and distribution of promotional materials.

Insurance

You can claim insurances like professional indemnity insurance, public liability insurance, and employer’s liability insurance.

To claim tax relief on allowable business expenses, you will need to keep accurate records of your expenses, including receipts and invoices. You can then include these expenses on your self-assessment tax return under the ‘Business expenses’ section.

 

These are some of the most common types of business expenses in UK that you need to be aware of while filing your self-assessment. To claim any these reliefs or any reliefs, you need to keep accurate records of your expenses. You then need to include these in the business section of self-assessment tax return. While the majority are claimable, there are expenses which are not eligible for a tax refund. Therefore, it is a good idea to consult with a tax specialist or accountant to ensure you get it right. We offer you a free consultation with one of our accountants and get your queries resolved. Book a consultation now and get your self-assessment journey started.

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