Expenses – is it or isn’t it allowable?

My husband often asks me what expenses he can claim to reduce his tax bill and he gets very frustrated when I don’t come up with hundreds of things to reduce his tax bill down to zero.

I know he is claiming everything he can but I should also state for the record in today’s world that he is claiming no more than he is entitled to! Apparently, though, it has been shown that up to 40% of the UK’s small and medium sized businesses have lost money as a result of inaccurate expenses claims from staff. Also many employers are unaware they can reclaim VAT on certain expenses and are therefore missing out.

I recently saw a great practical summary which covers a lot of really helpful information and guidance on this issue.

Select a link below to read the guide now:

• Expenses and benefits – an introduction
• Common mistakes employers make
• What are allowable expenses
• Typical benefits an employer could offer
• What receipts are needed and how long to keep them
• Skills your employees need to deal with expenses
• How to declare personal expenditure
• Reclaiming overpaid expenses

Feel free to contact me if you have further questions or leave a comment.