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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