One essential way to achieve maximum tax efficiency is to claim all of the expenses to which you are entitled. Be careful to only claim legitimate items: according to HMRC, expenses must be wholly and exclusively for business use.
This is intended to be a comprehensive list of business expenses that can be claimed. However, expenses are a fantastically complicated area of accountancy, and HMRC rulings are numerous. Therefore, this list is not, and can never be exhaustive.
Accountancy | Fixtures and fittings cost | Christmas Parties |
Advertising | Food & drink | Patent costs |
Air fares | Foreign exchange costs | Paypal charges |
Alternative finance payments | Fuel /Petrol | Pension |
Annual return fee | Health / medical check | Phone calls |
Bank charges | Health insurance | Postage |
Bicycles | Hire and rental charges | Printing |
Business gifts | Hotels and bed & breakfasts | Professional fees |
Business start-up | Insurance | Travel & subsistence |
Car hire | Internet | Rates |
Charitable donations | Late tax payment penalties | Repairs to equipment |
Childcare vouchers | Leasing rental | Room Hire |
Christmas gifts for staff | Legal costs | Self Assessment fee |
Cleaning | Magazines, books & journals | Software |
Clothing | Maintenance | Stationery |
Computer consumables | Marketing costs | Subcontractor costs |
Computer equipment | Mileage | Taxi fares |
Computer purchases | Motor vehicle expenses | Training costs |
Conference expenses | Motor vehicle purchase | Uniform |
Ebay charges | Office rental | Use of home as office |
Employer's liability insurance | Optical expenses | Utilities |
Staff Entertainment | Parking |
Web space |