Running a business is no small task, and with everything going on, it’s easy to miss out on tax-deductible expenses that could save you money. At Brisan Accountancy, we regularly speak to local business owners across Kent who are unknowingly leaving money on the table.
To help you stay on top of your finances, we’ve put together this FAQ-style guide to some of the most commonly missed business expenses, and how to claim them correctly.
What are the most overlooked business expenses?
Many business owners focus on the big numbers and forget that smaller, recurring costs can add up significantly over time. Here are a few expenses you might be missing:
1. Can I claim home office expenses if I only work from home part-time?
Yes, even if you only work from home for part of the week, you may be able to claim a proportion of your household bills. This could include:
- Heating and electricity
- Broadband or internet costs
- Rent or mortgage interest
You’ll need to work out the business-use portion based on space and time, or use HMRC’s simplified method. For more details, see our Self Assessment support page.
2. Do fuel receipts count for claiming mileage?
Not exactly. If you use your personal car for work travel (excluding commuting to your usual place of work), you can claim mileage at HMRC’s approved rates rather than fuel receipts. The current standard mileage rate typically covers:
- Fuel
- Maintenance
- Insurance
It’s important to keep a mileage log that records date, distance, and purpose of each journey.
Need help tracking expenses correctly? Our Bookkeeping services can support you.
