If you are a new business, you are more than likely aware that you can claim business expenses on some of your costs.
Companies pay tax on profit. When expenses are claimed the amount is removed and the business pays a much lower amount on tax.
So what can you claim for? Here are some of the most obvious listed below.
- Uniforms and work clothing
- Business mileage and fuel costs
- Rent and bills
- Overnight expenses
- Equipment and consumables.
There are other ways you can reduce your year-end tax bill, some of these may not be so obvious.
- Income tax
- Capital gains
- Inheritance tax
The BDO website has a guide to cover just about everything.
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