UK Business Expense FAQ
Business expense claims refer to the costs incurred by the owner/s that are necessary to carry out their work, and which can be claimed as tax deductions.
You can claim expenses such as tools, equipment, vehicle expenses, travel costs, insurance, software like Tradify, and any other expenses related to running your business.
No, you can only claim tax back on the expenses that relate directly to your income-generating activities as a business.
Yes, you will need to show proof that you purchased something in order to claim tax back. Tradify can help by storing receipts and attaching them to jobs so they're ready come tax time.
No, you can only claim tax back for items that are used solely for business purposes. If an item is used for both personal and business purposes, you can only claim the percentage that is used for business.
If you use a vehicle 50/50 for both work and personal life, then you can only claim 50% of the cost as a business expense.
An expense is deductible if it is necessary for your business and directly related to your income-generating activities. Check with your accountant if you're not sure.
You can claim expenses for meals and entertainment if they are directly related to your income-generating activities and if they are reasonable and necessary.
You can claim business expenses by keeping receipts and records of your spending, and then including these expenses in your tax return at the end of tax year.
If you claim personal expenses that are not legally deductible, you may be subject to penalties and/or interest charges.
Yes, you can seek help from an accountant or tax agent to ensure you are claiming all the expenses that you are entitled to and maximising your tax back every year.