Things That You Should Claim in Your Tax Return

Things You Should Claim in Your Tax Return

Are you running a business and always stressed about expenses? You are probably not alone! Even landlords and employees feel stress when it comes to paying high taxes, but you will be glad to know that you can decrease your tax liabilities. Gladly, the government gives you ample opportunities to save your hard-earned money by claiming some of the things against your tax bill. So, let’s have a look at a few of them, as the list is really long!

Expenses on Office Supplies

If you are self-employed, you can readily claim for your expenses related to your office supplies. This includes your desk phone and mobile phone, printer ink and cartridges, business stationery, fax machine, costs related to printing and postage, and so on. Remember, you can also claim for the expenses related to any software you use for your business, and which demands regular payment from you for license renewal. It is also possible that you can claim for your home computer, but only if it has been used for your business purpose.

Property Expenses

While you can claim expenses incurred in rent for your business premises, utility bills, security, property insurance and water bills as a self-employed person in the UK, you can claim for the expenses that go towards council tax, regular gardening, advertising for new tenants, property valuation and property repair or maintenance as a UK landlord.

Travel Expenses

If you are someone who frequently travels because of the nature of your job, you can claim relief on your travel expenses. This will include the cost involved in public transport, parking charges, congestion charges, toll fees (if any), food and drink, and even overnight accommodation expenses.

Vehicle Expenses

If you use a car, a bicycle or a motorbike for work purposes, consider yourself lucky! This is because you can claim for its fuel, repair, and MOT test. You can also claim all the expenses towards vehicle tax and electricity if you have an electric car.

Professional Fees & Subscriptions

If you are a professional who has to pay a professional fee or annual subscription to do your work, rejoice! You can claim tax relief for these, but remember that you cannot claim any relief paid to an organisation not approved by the HMRC.

Unpaid invoices

If you are a business owner, there is no reason to not claim unpaid invoices in your tax return. Now, if you are using traditional accounting, you can claim your bad debt if some specific criteria are met.

Charity Donations

There is a provision to claim tax relief on your donations if they are made to a recognized charity or a Community Amateur Sport Club as an individual.

Expenses on Uniform

If you are a healthcare worker, a construction worker or someone who has to wear a uniform at work and there is no free laundering service offered by your employer, you can claim a rebate. Make sure to have all the receipts about the expenses of cleaning, repairing or replacing your work uniform to claim this expense.

Expenses on substantial work equipment

You may be required to purchase some specific equipment solely for your work purpose. For example, this can be a desktop computer or a laptop. In such a scenario, you can claim the total purchase value of that equipment through the annual investment allowance from the HMRC.

Expenses on working from home

Are you working from home and using your own phone for business calls or your home electricity for your work area? In such a case, you can claim tax relief for these expenses.

You do not need to send in proof of these expenses when you submit your tax return. But you should keep proofs and records to show them to HM Revenue and Customs (HMRC) if asked. You must have accurate records to achieve success in your endeavour. Still, if you need some more guidance, feel free to consult a UK tax professional.