Posted by admin on May 08, 2014 in Tax

A frequently asked question is “can I claim for money spent on.” Here is a listing Some tax deductible business expenses for companies:

Business telephone calls,both mobile and land line calls, where the contract is in the companies name.

Repairs and maintenance  expenditure on the companies assets. In this category,you do have to take care because a lot of what you might consider to be repair is actually capital expenditure.

Internet connection fees and  web hosting fees are 2 relatively new additions to the list of items companies pay for,but they are tax deductible,provided they are for the business and contracts should be in the companies name.

Interest paid on loans, hire purchase agreements, or bank overdrafts. These figures should be extracted from your period end statements from the lender.

Rental expenses on offices, staff accommodation, parking spaces, garages, workshops, dock yard berths or even aircraft hanger space.

Equipment hire is very similar to rental,but traditionally, is disclosed separately in accounts. The usually refers to hire of plant and machinery such as diggers, tractors, cranes,  and can include computers, seating, marketing display units and many other items.

 

Professional fees,being the fees paid to professionals such as Lawyers, Architects, surveyors, accountants.

 

Salaries and Wages paid to all employees including the directors. The total amounts should include PAYE and employees national insurance contributions.

Social security costs refers to the employers national insurance contribution where a payroll scheme is being operated

 

Motor expenses will include fuel and maintenance costs for cars registered to the company.

Postage and packaging expenses being the cost of dispatching products or correspondence in the course of business

Bad debts can be tax deductible where the money is confirmed to be irrecoverable, and the losses are uninsured.

 

Travel expenditure on train tickets, flight tickets,hotel accommodation while travelling, is generally tax deductible

 

There Many more tax deductible business expenses,and we shall be editing and adding to this list in time

 

 

 

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