An expense is an item or service which has been
incurred purely due to you running a business. They may include:
Advertising fees for your business - Newspaper ads,
mailshots, leaflets, T.V ads etc..
Cost of Computer software. If its life expectancy is
more than two years, then you would class this under capital expenditure not as a business
expense.
If you work from home you could assign a room of your
house as an office and claim for expenses for the running of the room. i.e. heating,
lighting, and rent as a business expense.
This
will be worked out as a percentage For example, suppose you have a five rooms in your
house and you are using one of those rooms for your business. You can claim 1/5 of your
heating costs etc. as a business expense. If you use only half the room you claim 1/10 .
Professional fees - accountant, solicitor etc..
Travel - petrol, repairs, road tax and insurance. For
car with dual purposes home/work, you would need to specify a percentage of use for work
and work out your claim according to this percentage.
