Life hack: save time with this checklist for business expenses (free download)

Knowing which business expenses are tax-deductible can reduce your taxable income. We've put together a checklist for when you need to file your tax return, so you can save both time and money.​

Knowing which expenses are tax deductible is a great way to protect those hard-earned pounds. This checklist will help you determine whether or not you'll be able to claim tax on your business expenses. Keep in mind, every expense may not be applicable to every business owner.​

It’s important to keep track of these expenses and keep these records for 5 years if you’re a sole trader, and 6 years if you’re a company. Opting for accounting software such as Xero simplifies expense tracking, tax admin, and the year-end process for filing taxes.​

Business expenses are expenses which are incurred wholly and exclusively for the purposes of the trade of your business - such as equipment, marketing or promoting your business, and staff salaries.​

A tax deduction is a business expense you can deduct from your gross income, lowering your taxable profit. In other words, you'll pay less tax to HMRC.​

Knowing what's tax deductible (and what's not) is useful for any business owner. In this checklist, we show the difference between expenses, and whether or not you'll be able to claim tax.​

Ready to get started? Fill out the form below!​

Tax obligations include preparing documents, reconciliation of your books, failing your tax return and paying the right amount of tax.​

By scheduling an appointment with your accountant (like ours at Beany), you'll have enough time to sort out the information you need. We'll work together to find the right account for you.​

If you operate your business through a sole trader structure (you're self-employed), you need to file your self-assessment tax return by the 31st of January. For example, your 22-23 tax return (for the period from the 6th of April 2022 to the 5th of April 2023) is due on the 31st of January 2024.  ​

If you operate through a company structure, the tax due dates for your company will depend on your year-end date. Confirmation statements must be filed at least once every 12 months and must be filed within 14 days of the end of the review period. Besides, your financial statements are due for filing with Companies House 9 months after the end of your accounting period, if you're a private company or LLP.​

You can either file your taxes yourself or hire an accountant to do so on your behalf. It's important to remember that while you are ultimately responsible for your own tax, a good accountant will treat your taxes as their own!​

Being systematic is key to making sure nothing is missed - which is why we've created this checklist. It'll give you a great place to start, and you'll have the best chance to make the most of your tax claims.​

We understand tax, and we understand our customers. With a dedicated Beany accountant, you'll receive unlimited support and advice when it's time to file taxes. Find the package that works for your business here, and get in touch with our problem solvers today.​