Chichester Accountant – Claiming Business Expenses
Chichester accountant will make sure that your business is claiming all the expenses it is entitled to. There are so many business owners across the UK that are paying more taxes than is necessary because they are not claiming for all their expenses. Read on for further information.
The separation between ‘allowable’ and ‘non-allowable’ expenses is complicated for most business owners, which is why it is important to use the services of a qualified tax return accountant to assist you with this. So, let’s take a look at some of the expenses you can claim for. Generally, you will be able to deduct all expenses related to the purpose of generating business profits from your turnover. This includes everything from office rental and business insurance, to utilities and cleaning costs. However, you can only claim for expenses that are deemed necessary and exclusive to your business’ performance. The likes of business premises and equipment are not classed as an expense, but rather as capital allowance. You can claim for these, and they will be offset from your profit. There is then what is known as ‘benefit in kind’ – this is anything that you pay for in regards to the personal use of an employee, i.e. national insurance (NI) and income tax for the employee. There are then travel expenses and overnight allowances. You need to keep proof of these and complete a P11D (Expenses and Benefits) form every year. Therefore, it is a good idea to start looking for the best accountants Chichester based as soon as possible.
Make sure you claim for all possible business-related expenses with a top quality Chichester accountant. For bespoke tax advice and assistance, look no further than AMG Financial Chartered Tax Advisers & Accountants. We have an outstanding reputation in the industry and we can ensure you start claiming for all possible business expenses today. For more information, head to https://amgfinancial.co.uk.