One of the things we excel in is making sure we provide a thorough and accurate accounting service to our clients. if you take your books to another accountant most will simply check what you have done, correct any errors and help you file things correctly. We believe that in order to offer the best service vigilance is key, so we ask questions. please Be assured we are not just being nosy, we want to make sure you are claiming the correct tax deductions, and these are a few that often get missed.
Professional Subscriptions
Whether you are a sole trader, a director or an employee and you are required to pay a professional subscription, you should be including these in your expenses. Be sure to tell your tax advisor about anything that might fall into this category.
capital allowance
many small businesses see the word capital and assume that it does not apply to them. However, What this refers to is any asset that the business uses. Now, this could be something solely for the company or something that is used by your domestic life and your business, this could be your car, furniture, computers or other items.
House Running Costs
many small businesses do not realise that if their home is being used as a place of work, they can make claims in your deductible expenses. Examples include:
- heating bills
- electricity bills
- your broadband costs
- the council tax
- and even interest on your mortgage
Now, you cannot claim the whole bill, but a proportion of the cost can be claimed if you have a home office.
Transport Costs
Now when it comes to a business that relies on a vehicle, let’s say a mobile hairdresser or delivery driver, clients often remember to claim for their car as it forms part of the business itself. But what about if you only occasionally use your car to go to a meeting or drive to collect supplies? Well, you should also be declaring that. A car does not have to form part of the business for motor expenses to apply. There are all sorts of rules surrounding milage rates, sharing cars with members of staff and even maintenance costs.
If you need any further advise or guidance, our tax advisors are on hand to help.
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