6th May 2020Misc
Computing business expenses has always been a hazy prospect, especially if you’re working from home or are self-employed—the concept of work and home has already been blurred, after all. You’re very much entitled to receive certain amounts of expenses, but what are you specifically entitled to?
Some expenses are clear-cut, but you may be surprised that plenty of your monthly living costs can also be claimed! Here are four expenses you’ll be able to claim:
1 – Internet expenses
You may be using your internet connection mostly for leisure, such as binge-watching movies for hours at a time or mindlessly scrolling on social media or downloading. While the case may be true, don’t forget that you also use it for answering emails, contacting clients, and of course, accomplishing the entirety of your work.
To receive a claim for your internet expenses, work out proportionately how much you spend doing work online and how much you use it for leisure. After doing so, divide your total bill accordingly—whatever the result will be the expenses you’re entitled to claim.
2 – Electricity and gas bill costs
Your home also plays a crucial role in your work. Without lights, proper heating, and the means to cook, you will not be able to do your job. It can be difficult to work out how much of your utilities should be charged—calculating your energy consumption every day is a huge feat, but the expenses you can claim will be well worth it.
To start, figure out how much of your time is spent on working. From there, equate how long your job requires you to benefit the use of electricity or gas. After that, carefully take a look at your home. If you’re heating your entire house but are only working in a single room, claim one room’s worth of utilities. By doing this, you will be able to save up on money!
3 – Phone bill
If your work requires you to constantly communicate with clients or receive call advisories, your phone bill is another expense you can claim. The easiest way to identify expense work calls is by having a separate work phone. By doing this, you will be able to track your phone bills effectively enough to receive claims.
4 – Transportation
If you’re delivering products, meeting with clients, or in need of travelling away from home from time to time, you are also entitled to claiming transportation expenses. Work out your total expenses by totalling gas use. To claim this, however, make sure that your vehicle isn’t declared as capital allowances!
Working remotely is a setup not many get to enjoy, but the amount of money you can save is undeniable. More than saving up on daily expenses such as commute, food, and coffee, you’re also entitled to claim more expenses. Keep in mind that these things remain subject to approval. For help in claiming, check with HMRC or an accountant.
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