If you want to claim business expenses then you need to make sure that you do it properly. Although you may remember to claim for things like office supplies, tools and even vehicles, you should know that there are many other deductions that you can make. If you want to find out more then take a look below.

Legal Expenses

One of the main expenses you can claim for would be legal costs. When it is time for you to claim, you need to make sure that you claim for expenses such as this because if you don’t then you may find that you end up paying more tax than you need. You can claim for expenses such as solicitors, accountants and even architects. You may also find that you can claim for interest on your bank loans as well as for hire purchase interest. If you can keep things like this in account then you will soon find that your life becomes easier.

Unpaid Invoices

Another thing you can claim for would be unpaid invoices. If you have ever dealt with bad debt or tricky customers who just don’t seem to pay up then you can claim for this. You can also relieve stress this way too. If you use a traditional accounting system then you can claim back on the money that you will no longer be receiving. You can only write off debt like this if you are sure that you will not be being paid it down the line. There are a few exceptions here, such as debt that is not included within your turnover and debts that you can relate to the disposal of fixed assets. Remember you can also claim for any products you buy, such as the ones from Genie Scientific, so keep that in mind.

Tax Relief on Charity Donations

Individuals can easily donate to charity without paying taxes if they do this through their own pension or even through their wages. Any donations you make through the Payroll Giving scheme can be taken through you to calculate your income tax. This makes the whole thing a lot easier and it means that you will pay income tax on the total amount that you donate. If you use this to your advantage then you should find that you end up getting a good experience overall. If you are having a hard time making the best decision as to how much you should be donating to charity then one thing you can do is chat with your accountant. When you do, they can then give you advice on the steps you can take to make the most out of your tax return which can work in your favor quite a lot.

So as you can see, it’s very easy for you to get the result you want out of your business expenses and if you follow this guide, you should find that you are able to save a substantial amount of money when it comes to your expenses as a whole.


Greg Kononenko
Greg Kononenko

My name is Greg Kononenko and I am a full-time online blogger and owner of Dad's Hustle. I'm a dad, and my passion is to help other mums and dads to start their own "hustle" and improve the financial future of their families.

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