Complete guide to business expenses: what can I claim as a business expense? » SMEInsider

Complete guide to business expenses: what can I claim as a business expense?

If you’re setting up a new business, it’s highly likely that you’re paying for a lot of business-related items or services out of your own pocket. The good news is that many of these costs can be reimbursed out of your company’s profits, before your tax is calculated.

Be careful, though. Recent changes mean that things that used to be tax deductible, like taking clients out to lunch, no longer count. Claiming for things that aren’t really (or fully) business expenses can get you into trouble further down the line, and trying to convince HMRC that your collectable Star Wars Lego set was a legitimately purchased for your construction business is likely to land you with a big fat fine.

To help you work out what you can and can’t claim back, we’ve put together a complete guide to business expenses. Click the links below for more information on each expense type:

Complete guide to business expenses: trains, planes, automobiles… and bicycles

Complete guide to business expenses: working from home

Complete guide to business expenses: equipment and furniture

Complete guide to business expenses: tools and specialist clothing

Complete guide to business expenses: professional services, subscriptions and memberships

HMRC information on tax-deductible expenses