As an IT Limited business can get hectic. There always seems to be something demanding your attention. So it’s easy for things to slip through the cracks. When it comes to your taxes though, missing out on claiming certain expenses can cost you. 

What expenses to claim

Claiming allowable expenses as a Limited company helps make sure you don’t pay a penny more tax than you need to. 

Here are four common expenses that IT businesses often forget about:

1. Professional subscriptions and licences 

You know that software you rely on every day? Or the industry memberships you’ve got? Those are more than just tools, they can be tax-deductible! Think about any professional subscriptions, licenses, or certifications that are essential to your work. Whether it’s a project management tool or an annual fee for an IT certification, you can claim those costs.

2. Training and development costs

The tech world moves fast, and keeping up means you’re always learning. If you’ve spent money on courses, workshops, or seminars to sharpen your skills or earn new qualifications, that’s something you can claim back. From coding boot camps to certification renewals, those learning expenses can lower your tax bill.

3. Home office expenses

Let’s face it, if you’re like most IT business owners, you probably spend a good chunk of your time working from home. Well, here’s the good news: you can claim a portion of your home expenses. 

Whether it’s part of your rent, electricity bill or even your internet bill, you can write off some of these as claimable business expenses. However, it’s important to make sure you keep track of how much of your home is used for work and how often. 

To learn more, check out our comprehensive guide about claiming home office expenses as a Limited company. 

4. Business travel and mileage

If you’re meeting clients or heading to conferences, those travel expenses can quickly add up. And you may not realise that they’re often tax-deductible. Whether it’s train tickets or mileage on your car, you can often claim these costs. 

Just keep track of your trips and remember to log the business purposes of each journey. That way, you can reduce your taxable income and keep more of your pocket. 

If you’re ever unsure about what you can or can’t claim, don’t worry, we’ve got you covered with a free mileage calculator to help you stay on top of things.

Don’t leave money on the table

It’s easy to miss these small but important expenses, but they can really add up over time. Keeping track of everything you can claim now will save you money when it’s time to file.

If you’re unsure about what expenses you can claim as a Limited company, it’s always a good idea to chat with an accountant. They can walk you through the process and make sure you’re not missing out.

At Crunch, all our clients get unlimited access to tax experts and Chartered Accountants—no ticking clocks or extra fees. That means you get the support you need, when you need it, without the stress.

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