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:

  • Motor expenses
  • 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
  • Business insurances
  • Membership and subscription fees
  • Professional fees (accountants and lawyers)
  • Travel and subsistence
  • Bank charges and interest
  • Capital expenditure (equipment or furniture)
  • Entertaining costs
  • Repairs and renewals
  • Work clothing
  • Staff training

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.

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