If you use your home broadband to work on your business, there’s money to be saved there! Work out the proportion of your time online that is dedicated to your business, and that’s what you can claim back. You can also throw in any calls that are related to work as well.
Are you buying clothes specifically to use at work? Make sure you claim that cash back on your tax return. You might not get the nod on a new suit, but anything that’s necessary to do your job (protective clothing) can definitely be reclaimed.
When it comes to computers, laptops and tablets, it’s all about how they’re used. If you’re only using it for your business, you can claim on 100%. If not, work out what percentage of its time is used for professional purposes, and claim that back.
If you work from home, you can claim some of your household bills back. That includes gas, electricity, water and council tax. As usual, it’s all about proportions. If your office accounts for 25% of your household space, you can claim a quarter of the costs against tax. Make sure you check out how this may affect your capital gains tax though.
As with the above, you can even claim part of your mortgage interest on your expenses. That’s a big one!
Strange as it may seem, if your home is used to conduct additional business, such as filling in your tax return, HMRC will add in a £2 per week office deduction. Crazy, but cool.
Now, check out our guide to filling out your HMRC tax return and claim that cash back!