Do you know about - A Home firm - What Expenses Can You Claim?
Phone Claim! Again, for I know. Ready to share new things that are useful. You and your friends.With the huge growth in home businesses over the last 10 years one coarse query asked of an accountant is what expenses can be claimed for.
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The problem with working out the expenses in a home-based firm is that many costs incurred present to both the house and the business. A prime example is your utility bills. How do you resolve what percentage to allocate towards the running costs of your business? A simple method is to work out the over all area of the house and then resolve what percentage is dedicated to your business.
This percentage can then be applied for all your main household bills like electricity, gas, and telephone charges. Obviously it makes sense to have a separate phone line purely for firm so that you can allocate it 100% towards firm expenses. If you find that your firm is using the bulk of the vigor then it might be a good idea to have separate meters for your utility bills.
Travel Expenses - The best way to claim for expenses is to charge the firm per mile travelled. You are allowed to charge a small cost per kilometre travelled. Buying lunch for yourself is not a firm expense unless you are consuming a client.
You can also claim for any expense that has been incurred purely by running your firm at home. As an example, if you buy office furniture for your home office this can be claimed as an expense.
Your firm insurance can be claimed as an expense but not your home insurance. You can also claim all your advertising and marketing costs. You can not claim for clothing unless it is solely for the business. A good example might be protective clothing.
You can claim for all your accountancy and bookkeeping costs as well as the fees that your accountant charges you. Bad debts are also allowed effectively cancelling out some of your sales.
If you network a lot remember to charge the membership fees as an expense. You can also make a claim for any firm books or trade journals that are needed.
A grey area is the expenses incurred in maintaining the driveway, covering of the structure and the garden. People that work from home tend to spend more on finding after their property as they like to make a good impression on any clients that visit. You can not claim for manufacture any repairs but it is possible to allocate a percentage of any improvements. It is a good idea to speak to your accountant about these costs.
Make sure that you keep the receipts for any claims as you may well be asked to yield and elucidate them. A good idea is to make a note on the back of the receipt as to why you claimed it because in years to come you might forget the reason.
If your employees normally claim for expenses ask them to fill in an expense form with their reasons for the claim and make sure they attach any receipts.
Have you made any unusual claims for expense?
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