10 Surprising Business Expenses You Might Be Missing Out On

As a small business owner, you know that every penny counts. That's why it's important to be aware of all the business expenses you can claim. Here are 10 surprising expenses that you might be missing out on:

Tax relief on subscriptions

Subscriptions to professional organisations and trade magazines can be deducted as a business expense.

Unpaid invoices

If a customer doesn't pay their invoice, you can write off the debt as a business expense. However, you can only do this if you're sure you won't be able to collect the money.

Clothing

Protective clothing for your employees is a deductible expense, and so are uniforms, as long as they're only worn for work.

Marketing

The cost of advertising your business is a deductible expense. This includes things like website design, sponsoring events, Google ads and printing.

Equipment & tools

If you need to buy tools or equipment for your business, you can deduct the cost from your taxes. This includes things like power tools, desktop computers or office printers.

Training & learning

The cost of training your employees can be deducted as a business expense. This includes things like travel expenses, course fees, and textbooks.

Financial & legal

Many financial and legal costs can be deducted as business expenses. This includes things like accounting fees, legal fees, and bank charges.

Plant and machinery

When you buy assets for your business, (such as a van or embroidery machine) you may be able to claim capital allowances on them. This means you can deduct the cost of the assets from your taxes over a period of time.

Charity

You can claim tax relief on charitable donations you make through Gift Aid or Payroll Giving. This means you'll get a deduction on your taxes for the amount you donate.

Phones

The cost of your business phone line is a deductible expense. This includes both the line rental and the cost of calls.

These are just a few of the surprising business expenses you might be missing out on. Be sure to talk to an accountant to find out what other expenses you can claim.