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Expenses...

Man, do we get asked a lot about expenses. Every day, literally, someone asks if they can claim one thing or another. We could write a book the length of a Tolstoy classic about expenses, and maybe one day we will. For the time being, you need to ask yourself a simple question to determine, under normal circumstances, whether the expense is allowable.

Blue icon Is this expense incurred wholly and exclusively in the course of running my business?

If you can answer yes, then in all likelihood, it will be an allowable expense, if you can’t then it probably won’t be. Although, as with most tax matters, there are some exceptions, taking this approach will stand you in good stead.

So, no, you can’t claim for:

  • a 42” TV even although you use it as a PC monitor
  • your DSLR camera even if you do use it to take some pics for your website
  • a business suit
  • a new pair of specs even if you do wear them to work
  • a holiday to Vegas even if you plan on having your AGM there at the same time.

However, you can claim for:

  • Ordinary travelling expenses to and from site including mileage (subject to the 24 month rule)
  • Meals, depending on how long business takes you away from home
  • Childcare costs up to £55 per week
  • Mobile telephone
  • Protective clothing and uniforms
  • Computer equipment
  • Business insurance (but not health insurance)
  • Certain training costs
  • Stationery and postage

Please refer to our Expenses Guide for more detailed information.