Allowable business expenses?
A common area where we ask for advice, where small business owners are confused, relates to which business expenses (and often how much can be claimed) are allowable and which are disallowable by HMRC. Small business owners can be tempted to try and claim every possible expense, and even expenses which relate to personal use.
It’s important to remember, whether you operate on a self-employed, sole trader basis or whether you own or control a limited company with only you as an employee or just a few employees, that you must separate the business from you financially. This line can become blurred for some business owners.
Good accountants guide clients on any grey areas and help to minimize the chances of HMRC challenging or investigating expenses which have been put through a business but which may not incur for legitimate business reasons.
We are experienced in advising clients of varied sizes and types in the area of business expenses.