When looking at your financial projections for your business it is important that you have taken into consideration all the expenses that you have. These could be regular bills that you pay out for your office rent, business insurance and various other items, or they could be ad-hoc expenses such as mileage and paper for your printer.
The way that you claim expenses, and in some cases the expenses that you can claim, will depend very much on the kind of business entity that you have set. This means whether you are operating as a sole trader, a limited company or a charity or community interest company. Each one of these entities has its strengths and weaknesses and it is important that you ensure you are aware of what expense you as an individual or your business can claim. Working with a Swindon Bookkeepers is the best way to ensure you are claiming your expenses correctly.
The most common expenses will include those that are needed for your business to carry out its function such as office space, business vehicles, any products or ingredients and parts that you need to create your items. You then have other items that you might need such as stationery and paper for printing, printer and copier leases and of course your computer equipment.
The more ad-hoc expenses might be mileage for business trips, expenses that employees may have accrued if they have had to travel away, such as accommodation and food. If you take clients out for a meal you may be able to claim some of this as an expense but it is important that you check this with your accountant.
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