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What are allowable expenses? Claiming back your business expenditure against tax

Running a business almost always involves costs which relate to the work that you do. The good news is that as a sole trader or small business, you can claim back most of your expenses and reduce your tax bill.

What business expenses can I claim for?

Business costs that you can claim for are known as allowable expenses. Most business expenses are allowable, so you offset them against your business profits which, in turn, reduces your tax bill. Our video guide explains which allowable business expenses you can claim, how to claim them, and what this means for your tax return.

Claiming business expenses on your tax return

Make the most of your tax deductible expenses and include them on your tax return to help lower your tax bill. Our downloadable guide covers what allowable expenses you can claim for, or watch our video above!

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The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

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VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

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