(1) |
Office Costs
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(2) |
Employee Salaries and Benefits
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(3) |
Travel Expenses
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(4) |
Subsistence Expenses
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(5) |
Marketing and Advertising
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(6) |
Professional Fees
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(7) |
Financial Costs
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(8) |
Softwares and IT Costs
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(9) |
Charitable Donations Donations made by the company to registered charities may be deductible. |
(10) |
Annual Staff Party Expense It can be a Christmas or summer party, the costs of entertaining employees can be claimed as a business expense as long as it is an annual event open to all staff members and the costs per person is less than £150. |
(11) |
Trivial Benefits All following criteria’s need to be met:
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(12) |
Setup costs Limited companies can claim relevant expenses for up to 7 years before the business begins operations. Expenses can be: (1) Computer equipment and peripheral products; (2) Software, internet & web domain fees; (3) Travel costs; (4) Professional services can include the costs associated with accounting and legal help, such as company formation and drafting of contracts. |
(13) |
Depreciation costs Depreciation is an accounting method of allocating the purchase cost of a tangible or physical asset to spread the cost over its useful life or life expectancy. A company can decide which method and useful life of an asset for depreciation allocation. Nevertheless, HM Revenue and Customs (HMRC) has different percentage to apply to different types of assets for claiming depreciation which is called Capital Allowance. |
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