Understanding what expenses can be claimed is an area where your accountant can help you. How can you make your business more tax efficient as we approach the end of the year and that dreaded tax return looms closer? 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)
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.