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December 21. 2017

Allowable Business Expenses

It is important to know what expenses are allowable against your business profit. The following list includes the principle examples of expenses, that you are likely to incur whilst running your business.


Office Costs
Includes items such as postage, stationary, computer software, printing material.


Vehicle Costs
Franchise fees
Vehicle insurance
Cleaning
Repairs and servicing
Fuel
Leasing
Road Tax
Breakdown cover
Interest element on finance used to purchase the vehicle


Travel and Subsistence Costs
Parking
Train bus, air and taxi fares
Hotel rooms
Meals on business trips 


Staff Costs
Wages paid to another person for work done in your business


Financial Costs
Bank account charges that relate to your business
HP/Loan interest for the purchases of business assets
Accountancy Fees


Advertising and Marketing Costs
Material used to promote your business such as branded clothing and advertising material
Website 


Subscriptions
Trade magazines
Membership to professional bodies


Capital Expenditure


Certain items of expenditure are classed as capital expenditure. These items include cars, dual controls, computers, laptops, printers and Sat navs. For these items you are entitled to a capital allowance to set against your net profit to cover the depreciation of the asset and is in addition to the finance interest mentioned above under vehicle costs. FBTC will calculate the capital allowances for you.
Business mileage
Rather than claiming the vehicle costs and capital allowances on a new car, as mentioned above, it is instead possible to claim business mileage. FBTC can advise on the most beneficial option.


Private usage
Some expenses incurred may also hold an element of private usage. The private element of the expense will be disallowed.
FBTC will calculate this for you.

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