It’d be great if all of the money flowing around your business was only that coming in, but the reality is that if you want your business to thrive you need to spend money on it.
This sort of spending, or any payment which happens for the business, is a business expense. You need to know about these, and how to manage them, because they impact on your business health and of course, your tax return.
When you are growing your business, every penny counts. Learning what you can and can’t claim as expenses on your taxes is essential, as this will not only save money but will also ensure that you don’t fall afoul of the HMRC at the end of the year. To ensure you don’t lose out and make mistakes on your claims, it is essential that you thoroughly know your rights.