We’ve been sharing some tips on how you could make the most of our tax system to minimise your tax bill.
Tip Number Four: Claim for all expenses
Expenses are what you spend to keep your business operating and they are tax deductable. This is one time when spending money can actually save you money on taxes!
Some expenses to consider that might lower your tax bill:
- Your stock and office supplies
- Subscriptions and licenses
- Update your office equipment
- Year-end bonuses to employees
- Investing in vehicles
- Mileage and travel expenses
- Telephone / Mobile usage and costs
- Clothing costs (uniforms or Personal Protective Equipment)
- Marketing costs
- Advertising costs
Unfortunately, entertaining clients is not tax deductible but if staff incur expenses while they are out seeing clients, you can reimburse them for their travel and subsistence costs.
To find out how we can help your business thrive, please start by finding your nearest accountant here.
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