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”.
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