When you’re running a small business, every penny counts, including those you can save through legitimate tax deductions.
You’re probably aware of standard write-offs like office supplies and staff wages, but what about the more obscure write-offs available to your business?
In this blog, we delve into unknown business expenses that are perfectly legitimate in the eyes of His Majesty’s Revenue and Customs (HMRC).
Business expenses and your home office
Utilising a home office for business purposes offers several tax advantages and since the pandemic this has become a much more popular working arrangement.
In the UK, you can claim a portion of your household costs like rent, electricity, and Wi-Fi as expenses, so long as business is done on the premises.
This ‘use of home’ expense is proportionate to the amount of space used solely for business activities.
Keeping meticulous records is crucial for maximising all the above deductions.
The key to all the above deductions is meticulous record-keeping and consulting a qualified tax advisor. Don’t miss opportunities to optimise your tax situation and boost your business’s financial health.
You should consult one of our tax advisors to make sure you’re fully compliant and optimising your tax situation.
To speak to one of our experts, get in touch.
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