The rules for allowable business expenses are generally similar for limited and unlimited companies, with some subtle exceptions. Where there are differences  – these are identified in the guide below.

Accommodation

See: Hotels and accommodation

Accountancy Fees

Accounting fees and business advice are generally allowed as a tax deductible expense, however you can only claim the business element.

Limited Company

  • If your personal tax return is included as part of a fixed fee then a benefit in kind may be triggered.
  • We may account for this by making an adjustment to your director’s loan account when we prepare your annual accounts.

Sole Trader or Partnership

  • If your personal tax return is included as part of a fixed fee then a benefit in kind may be triggered.
  • We may account for this by making an adjustment to your drawings when we prepare your annual accounts.

Advertising

All business related advertising and marketing expenses are allowed. Examples of might include:

  • Yellow pages
  • Local/national trade magazines
  • Google Adwords
  • Social media advertising – Facebook, Twitter
  • Outsourced social media expenses

Top Tip

“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” John Wanamaker,

Advertising can be very expensive – often tying you into long term contracts.  Whenever you invest your money in advertising – try and track which marketing pillars are working for you and which don’t to get the best return on your investment.

We hope you find this series on expenses helpful. Please take a moment to check out our other articles.

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