Claiming expenses against your business: reduce your tax bill

When it comes to claiming expenses against a business it can be a minefield but there are ways to mitigate a large tax bill within the scope of HMRC’s ‘wholly and exclusively’ expenses parameters. Jonathan Amponsah CTA FCCA of The Tax Guys sheds light on whether items such as holidays, golf lessons, school fees and even care home fees can be claimed against a business

Many sole traders and directors of limited companies commonly pay unnecessarily high tax because they simply do not realise the extent of expenses that they can claim against their income.

This article looks at some expenses that can be claimed against business income that most companies do not know about; making them an ideal way for accountants to add value and demonstrate the advantages of using a tax expert.

According to HMRC, expenses that are incurred ‘wholly and exclusively’ for the purpose of your business can be claimed against your income.

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