The seven top unclaimed expenses: expert insights from acccounting guru Jonathan Howard
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It's not just about earning and spending but also about claiming what's rightfully yours. As tax season looms, many businesses and individuals face the perennial challenge of maximising their returns without falling foul of the rules.
Jonathan Howard, a leading figure at Accountant Edinburgh, sheds light on the most frequently overlooked expense claims, providing a valuable guide for taxpayers aiming to optimise their returns.
Howard, with years of experience navigating the intricacies of UK tax laws, remarks, “It’s staggering to realise how much money businesses and professionals leave on the table each year. By ensuring all allowable expenses are claimed, one can significantly reduce their tax bill.”
Here are the top seven unclaimed expenses, as outlined by Mr Howard:
1. Home Office Expenses:With the rise of remote working, many are unaware that costs related to home offices – including heating, electricity, and internet bills – can be claimed as a business expense.
2. Professional Subscriptions:Memberships to professional bodies or subscriptions to trade journals, often overlooked, are typically tax-deductible.
3. Mileage and Travel:Beyond just fuel, expenses related to business travel, including public transport fares, parking, and even meals on long trips, can often be claimed.
4. Training Courses:Courses that enhance your current professional skills, or those of your employees, can be an allowable expense.
5. Protective Clothing:Items such as uniforms, safety gear, or specialised clothing required for work can be deductible.
6. Business Insurance:Many forget to claim premiums paid on policies like public liability or professional indemnity insurance.
7. Bank Charges:Fees and interest related to business bank accounts or credit cards are often overlooked but can be claimed back.
The realm of finance, especially when it comes to tax, is filled with untapped potential and overlooked opportunities. As we've traversed through the maze of commonly missed expense claims, the importance of having a knowledgeable guide, such as Jonathan Howard, becomes all the more evident.
In the words of Mr Howard, “The landscape of taxation is like an intricate puzzle.