Did you know.. In 2019 the Telegraph reported that 57% of self-employed people forget to claim on purchases under £10, leading to £24 million lost on unclaimed expenses annually in the UK! 😱

Here are some common expenses that are often forgotten on tax returns so you can make sure they're in yours:

1 - Mileage and Parking - Make sure you're track all of your business mileage during the year as you can put that through at 45p a mile plus any parking expenses you incur while travelling for business.

2 - Broadband and phone bills - I'm sure you are all using your personal mobile phones and broadband for your businesses. You can put the % that is used for business through your tax return so make sure you're keeping track of it.

3 - Donations to Charity - Your donations may qualify for tax relief so make sure you're including them on your tax return

4 - Petty cash and small purchases - every little helps and all those small purchases can up, whether you've paid for them via your business account, with cash or with your personal account. If it's a business cost it can go in your return.

5 - Items purchased before you started your company - If you bought office furniture or other equipment or software before you actually started your business you may be able to claim these on your tax return.

If you need any further clarification on any of these just let us know.

Sarah & Gemma
Solstice Startups