@360.accounts: Every business expense comes down to two words: 𝗪𝗵𝗼𝗹𝗹𝘆 𝗮𝗻𝗱 𝗲𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲𝗹𝘆. It's the test HMRC applies to every deduction. If an expense wasn't incurred wholly and exclusively for business purposes, it isn't allowable. Here's how that works in practice: 📌 𝗢𝗳𝗳𝗶𝗰𝗲 𝗰𝗼𝘀𝘁𝘀 – rent, software, utilities and stationery used for the business. 📌 𝗦𝘁𝗮𝗳𝗳 𝗰𝗼𝘀𝘁𝘀 – salaries, employer's NIC, pension contributions and training that supports existing skills. 📌 𝗧𝗿𝗮𝘃𝗲𝗹 – journeys made for business purposes, not ordinary commuting. 📌 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗳𝗲𝗲𝘀 – accountants, solicitors and insurance directly connected with running the company. Where things become more complicated is when there is a personal element. Mixed-use phones, home office costs and client entertainment are some of the areas where claims most often go wrong. In some cases, expenses can be apportioned. In others, no tax relief is available. A good rule of thumb? Before claiming any expense, ask yourself: "𝗪𝗮𝘀 𝘁𝗵𝗶𝘀 𝗶𝗻𝗰𝘂𝗿𝗿𝗲𝗱 𝘄𝗵𝗼𝗹𝗹𝘆 𝗮𝗻𝗱 𝗲𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲𝗹𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?" If the answer isn't clear, it's worth getting a second opinion. Contact us now for more information - [email protected] #wokingbusiness #guildfordaccountant #surreybusiness #surreyaccountant #guildfordsurrey

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