What can I claim as a business expense and what can I not?

Are you an established business or have you just set up and started to trade? Whatever the case, it is important to understand what expenses you can and cannot claim in order to maximise the tax relief that is available to you.

In business, how you account for what leaves your bank account is just as important as having money coming in. Whether you have been trading for a number of years or just starting out, sometimes there are business expenses that go unclaimed, resulting in you having to pay more tax than you actually should.

Claiming legitimate business expenses is a simple way to keep your business tax efficient, these expenses reduce your profit, which in turn reduces the amount of Corporation tax that you will have to pay.

To be classed as a legitimate business expense, the general rule is that the expenses must be “wholly and exclusively” for the purposes of the trade.

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