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Important expenses to account for

July 31, 2022 3:46 am

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When you run your own business, especially as a sole trader, it is important to ensure that you are claiming the right expenses. There are a number of expenses that can be claimed. The exact ones will depend on whether you are a sole trader or a limited company. For example, those working as sole traders can claim expenses for working from home, but directors of a limited company can not. It is best to check with a Bookkeeping Chippenham company like https://chippendaleandclark.com/services/bookkeeping to find out exactly what you can and can’t claim.

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Here are some common items that you might be able to claim as an expense.

Mileage – if you travel to client meetings or to clients’ places of work, you can put in an expense claim for this. The amount that you can claim will depend on the number of miles that you travel. The first 10,000 miles can be claimed at 45p per mile, and then all mileage after that is 25p per mile. It is important to note the miles you travel and the reason for the journey.

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Stationery items – paper, pens and files that you might need for your business can all be claimed as an expense. You should ensure that you keep the receipts for these items and record these in your accounting software.

Working from home allowance – There are a number of ways that this can be calculated, and the method used will depend on whether you have a dedicated office space in your home and how your accountant thinks you can make the best of the allowance available to you.

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