You can claim different types of allowance expenses for a tax refund. However, people may miss the expenses shown below. Let’s take a look at what are those that you can claim against your tax bill.
Legal and financial costs
If you hire an accountant, solicitor, surveyor etc for your company, you should include any costs associated with them.
For example, accountant service charges, finance payments, leasing payments, etc.
Donations
Have you ever given a donation to charity? Do include those donations in the tax return form. Registered charities or community amateur sports clubs (CASCs) are 100% tax-free; donations are made either through Gift Aid, from your wages or pension through a payroll giving scheme.
Unpaid invoices
HMRC allows you to claim bad debts, which is the money included in your turnover that you’re not expected to receive. However, please note that these need to be shown in the company accounts so profit is not overstated.
Marketing costs
Marketing costs are one of the expenses that are allowed to claim. HMRC will let you cover business expenses for website hostings, maintenance costs, advertising on printed and digital media, etc.
Subscriptions
If you have subscribed to any professional bodies or trade publications, you can claim those subscriptions’ costs. Please note that you are not allowed to claim donations as a subscription, instead, it should be as charitable donations expenses.
