Different types of business will have different types of expenditure. For example, a taxi driver will have weekly settle fees and a plumber will have tools and material costs. But the good news is, as a general rule the vast majority of business expenditure is allowable, even expenses you have incurred personally for business purposes.
The most common business expenses are:
Staff costs and wages
Use of home as an office (rent, rates and utility bills)
Materials or goods you sell
Admin costs (telephone and internet)
Advertising and marketing costs
Membership and subscription fees
Professional fees (accountants and lawyers)
Travel and subsistence
Bank charges and interest
Capital expenditure (equipment or furniture)
Repairs and renewals
It is not a legal requirement for a sole trader business to have a bank account. However, we strongly recommend opening a business bank account to keep your business and personal transactions separate.