Running a business is tough, especially when it comes to managing taxes. Many self-employed people and small business owners miss out on valuable deductions simply because they don’t know about them. To help you keep more of your money, we’ve put together a quick list of commonly overlooked business expenses you can claim.
Payment Processing Fees
If you use a payment point of sales (POS) system such as Zettle or Square, for every payment you take you are charged a processing fee by the POS company. This is the same for using a direct debit collecting service such as GoCardless. This fee is a business expense that you and your company incur so can be claimed.
Broadband and Phone Bills
Calculate what proportion of your broadband and mobile use you use for work, and include it on your claim using your bills as evidence on your self-assessment. Not sure how to do this? Venton can help!
Marketing Costs
This can include website domains, any form of paid advertisement such as Google and Facebook ads, printed leaflets plus more.
Donations to Charity
Donating to a cause you care about can lower your income tax. If done through your sole trader business, exclude the donation from expenses and claim it separately on your tax return.
Parking
Claiming fuel and miles is not often forgotten about however parking costs incurred for your business often are. It is easy to pay for them by mobile on an app which is often linked to your personal bank. Remember to use your business card or make a note of the transaction.
Remember, keep a track of all your business expenses throughout the year. Do not leave it until January, right before the self-assessment deadline, as you’ll be spending hours going through your bank statements, hunting out those receipts and causing unnecessary stress!
Organisation and being proactive is key!
There are many more business expenses you can claim for when filling out your self-assessment. Check out the HMRC website for the full list or get in touch with us here at Venton. We can help you with this service and relieve that pressure.