With the end of the tax year fast approaching (5th April), now is a good time to make sure you are aware of all the expenses you can claim. Here’s a list of the most common forgotten expenses.
Home Expenses. With many people now working from home at least part of the time, it is important to note that if you do ANY work from home, you can claim part of your household running costs. HMRC offer a flat rate amount for a claim or you can work out the amount based on actual running costs.
Motor Expenses. If you use your own car for business trips then you can claim part of the running costs. HMRC again have approved rates for claiming. If you’re reimbursed by your employers you can only claim for the shortfall.
3. Capital Allowances. If you purchase any assets for your business (e.g. computers. furniture, cars) you can claim capital allowances. If items are used partly for business and partly for personal use then you can claim a partial amount.
4. Missing Receipts. Have you mis-placed paper receipts or didn't receive an invoice from a supplier? You could still claim for it so long as you can prove the expenditure took place.
5. Subscriptions. Do you have subscriptions, perhaps to a professional body? These are deductible. This also applies to employees who pay for subscriptions personally.
6. Pension Payments. If you are a higher rate tax payer then you need to include these payments on your tax return to ensure that you receive all the tax relief you are entitled to.
7. Gift Aid. Do you make donations to charity? If you're a higher rate taxpayer then any gift aid payments you make should be included on your tax return. Keep a note of these throughout the year.
8. Clothes. If you have to wear a uniform or protective clothing then you can include the cost of these on your tax return.