Are you confident you are claiming all the office-related expenses you are entitled to as a self-employed business owner?
If not, you might be paying more tax than necessary.
What counts as an office-based expense?
If you rent or use office space for your business, have you thought about the range of costs you can claim as allowable expenses?
Some, like stationery or phone bills, are straightforward.
Others depend on how you manage your accounting.
For items used or bills covering less than two years, you can usually claim them right away.
These might include:
Your accounting method matters when it comes to larger, longer-term costs like a new computer or repairs.
How does the accounting method affect your claims?
Are you using cash basis accounting? If so, you can claim items like:
On the other hand, if you use traditional accounting which is often the case if your business earns over £150,000 annually, then you may need to claim these as capital allowances.
Do you work from home?
If you are running your business from home, are you factoring in a share of your household bills?
You could claim part of your heating, electricity, or rent costs, but how do you calculate what’s reasonable?
Here is an example:
Over time, these claims add up, reducing the financial burden on you and your family.
