One of the things we take pride in is making sure we provide a thorough service to our clients. Missed expenses are all too familiar, and often if you take your books to an accountant they will simply check what you have done, correct any errors and help you file things correctly. We believe that in order to offer the best service vigilance is key, so we ask questions. Rest assured we are not just being nosy, we are helping you claim the correct tax deductions, and these are a few that often get missed.
House Running Costs
There is a wealth of excellent small business owners in Hull, and beyond, but many do not realise that if their home is being used as a place of work, they can make claims in your deductible expenses. Examples include heating bills, electricity bills, your broadband costs, the council tax, and even interest on your mortgage. Now, you cannot claim the whole bill, but we can advise you on the correct portion to claim if you have a home office.
Whether you are a sole trader or a director or employee that is required to pay professional subscriptions you should be including these in your expenses. Be sure to tell your advisor about anything that might fall into this category. It is better we say no you can’t include it than you don’t mention something you could have deducted.
Now when it comes to a business that relies on a vehicle, let’s say a mobile dog groomer or delivery driver, clients often remember to claim for their car as it forms part of the business itself. But what about if you only occasionally use your family car to go to a meeting or drive to collect supplies or post orders? Well, you should also mention that. A car does not have to form part of the business for motor expenses to apply. There are all sorts of rules surrounding milage rates, sharing cars with members of staff and even maintenance costs. Again let us have the facts, and we will be able to guide you in the right direction.
So many small businesses see the word capital and assume that it does not apply to them. It is a word with a bad rep and doesn’t always have the meaning that people think. What this refers to is any asset that the business uses. Now, this could be something solely for the company or something that is used by your domestic life and your business. As mentioned above this could be your car, furniture, computers or other items. So, the better we can understand your business and how it works, the better placed we are to advise you.
Asking for help is the best thing you can do. It is a true adage that a good account will actually save you money in the long run. So, whether you are based in Hull or not, and need help with self-assessment, bookkeeping or other business financial issues, we can help. Just give one of our awesome team a call and let us do the rest.