21 Business Expenses You’d Be Stupid Not to Claim (Saves You Tax!), by Michelle Eames - Helpbox UK on YouTube. 23 min 49 s.
- Video length
- 23 min 49 s
- Time to do it
- 30 minutes
- Difficulty
- Easy
- Steps
- 10
What you need
Steps
Write down every cost you pay that is only or mainly for the business, then match each one to an expense category before you file.
Claim small staff perks and trivial benefits of £50 or less per item, and keep an eye on the yearly cap for close company directors.
Claim staff wellbeing costs: eye tests and glasses for screen work, one-off health screening, flu jabs, and gym or club memberships open to all staff.
Put the annual staff party through the books if it costs £150 or less per head, including travel and an overnight stay.
Claim food and drink bought for business meetings, staff or clients, but not your normal everyday lunch.
Claim a company bike through the Cycle to Work scheme, and one mobile phone per employee with its monthly contract.
Claim training that updates skills you already use, plus software, subscriptions, laptops, monitors and other equipment.
Claim working from home using the flat rate of £6 a week, or a fair share of your actual bills if you have the records.
Claim business mileage at 45p per mile for the first 10,000 miles, plus hotels, trains and meals on business trips.
Add the rest: costs from before you started trading, things you paid for personally, website and hosting fees, books, uniforms, bank charges and card fees.
Tips and common mistakes
Keep every receipt and invoice for at least six years in case HMRC asks to see them.
Client entertaining is not deductible, so keep it separate from staff meals and travel.
Only claim a proportion of mixed costs like phone, internet or heating, based on genuine business use.
Ask an accountant to check anything unusual before you submit the return.
Questions
How long do I need to keep expense receipts?
Keep them for at least six years after the tax year they relate to. Digital copies of paper receipts are fine.
What if I already paid for something personally?
You can still claim it. Record it as paid by you and either take it as a director's loan repayment or put it through your business accounts.
This guide was drafted from the video's details and general task knowledge. It has not been checked against the full video. Check the video and relevant product instructions before following a procedure. Report a correction.
