Keeping Basic Records - Part 3 - Expenses and Everything Else
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Show Notes
In this episode, Neil covers accounting for expenses and all the not so obvious in and out costs of the business that can affect your profitability and your tax liability. He details the tax allowances you are entitled to and what you should be asking your accountant about.
KEY TAKEAWAYS
- If you are using a vehicle for your business you are entitled to claim a mileage allowance for use of that vehicle. Keep a daily record of your mileage.
- If you take any training courses, uniform or mobile communication keep receipts and claim it back.
- Remember to include depreciation of assets. As your assets devalue, you may claim that back that as an expense.
BEST MOMENTS
‘I keep a single A4 sheet across all my business and they just have a single column each from which I can extract the data.’
‘Parking for business is essential. Claim it back.’
‘These are things that aren’t tangible. This is where your accountant should be doing some work for you.’
VALUABLE RESOURCES
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
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