December 23rd, 2021.

According to a survey from The Accountancy Partnership, 81 per cent of small business owners don’t understand what is and isn’t a legitimate business expense.

A significant 65 per cent had failed to claim on an expense in the past, meaning that they lost between £100 and more than £10,000. In fact, 35 per cent lost out on an estimated £100-£499.

Employees can make a claim against their place of work for expenses incurred exclusively as a result of carrying out contracted duties. HMRC defines this form of business tax relief as the use of your personal savings for travel or items you must purchase for your job.

Staff may not use this as an opportunity to claim back money for things they have purchased outside work or money they have spent on things like office furniture, stationery or even company assets if you as an employer have already provided them with an alternative.

For the full story at smallbusiness.co.uk CLICK HERE.

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