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 business to have a bank account. However, we strongly recommend opening a business bank account to keep your business and personal transactions separate.