What can you claim on your taxes?

Whether it’s the end of the tax year and you’re wondering what you can claim for, or just trying to figure out the most cost effective way to run your business. Making sure you claim to the fullest on any tax deductions available to you can be key in maintaining profitability. Working out what is deductable is not always an easy task and is often dependant of what industry you are in and how profitable you are.

There are many areas that are tax deductable. It is dependent on what the government deems to be a fair cost to your business. According to HMRC “The general rule is that costs you pay with the sole purpose of earning business profits are allowable expenses”.

Below are some areas you may be able to claim a tax deduction on:

• Professional fees (Including accountancy and legal fees).

• Protective clothing – If you work in an industry where protective clothing is a necessity then it will be deductable. An example of this would be steel toe capped boots for a builder.

• Advertising and promotions fees including Advertising in newspapers and website costs.

• Bank and other financial charges.

• Computers – If your computer is strictly for business purposes, you may be able to claim it as tax deductable.

• Vehicle and travel expenses – Many businesses call for their employees to travel all around the world this is a very popular expense in many businesses utilise this deduction every day. Deductions can include vehicle insurance, vehicle servicing, transportation costs and hotel stays.

• Office costs – Nearly every office needs access to a phone and the internet as well as other costs including stationary. With both the internet and phone line the deduction made is normally a percentage of the full cost.

• Wages and Salaries – The costs of employing staff are allowable for tax purposes dependant on the amount of excess.

• Training – Any training courses that are related for your work is allowable.

Although the areas you may claim in are vast. There are many areas that are disallowable for tax exemption these include areas such as entertainment expenses which cannot be claimed as tax deductable if they are in relation to the hospitality or entertainment of other business clients this can include things such as meals. Another expense that is disallowable is the costs of any crimes you could incur such as fines and speeding tickets.

As we can see there are many useful tax deductions for a number of different organisations and businesses. Many businesses are not aware of these great opportunities and in these uncertain times businesses can use all the help they can get.

Here at Just Accountants we understand this issue and our team of consultants are on hand to help you turn your business around today. All our accountants are handpicked and have a vast knowledge of their field. With our 100% free unique service we ensure the best possible it for your business and in an area that is convenient for you. For more information please visit our website at www.justaccountants.co.uk or call us on 0800 046 3690