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Expenses: What can you claim for? Why should you do it?

13/08/18 | Advice & Guidance, Business, Expenses

Outside of IR35 (a tax law) you can claim for what the boffins call ‘subsistence’ – that’s basically food and drink to keep you going when you’re working at a temporary location (somewhere you’ve been working for fewer than 24 months).  While you’re working away you can also claim expenses for your accommodation.

So you can claim expenses for survival away from home, but how do you get ‘away from home’? Well it’s likely that you’ll have to use some form of transport to get there. You guessed it, you can claim expenses for this travel too.

If you’re a fan of donning lycra as a cyclist you can claim up to 20p/mile, or 45p/mile (up to 10,000 miles) in the comfort of your car or 25p/mile on your motorbike while you’re dressed more like batman. Oh and don’t forget that if you had to pay for parking while working away you can claim it as an expense too.

 

Other expenses

There are a huge variety of ‘other expenses’ but below you’ll find some important things not to miss out the next time you’re working out your expenses.

Professional fees like accountants and solicitors that you’ve used specifically for your business.

The depreciation of assets can be a tricky one to work out, but it’s an allowable expense too – we can help you work out numbers though, so do not despair.

Training courses that are relevant to your business and develop an existing skill. So unfortunately, you won’t be able to claim for that pizza making lesson if you’re a recruitment consultant or plumber.

 

Why should you claim for expenses?

Well to put it in the simplest way possible: To make sure you maximise your take home pay, get the right amount of tax relief and report the right figures in your accounts/to the HMRC.

Expenses can be a pretty complicated area and what you’ve read can get you started – but if you need have any questions or want more detailed information get in touch here.

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