Top 5 Business Expenses That Employers Ignore

Business Expenses
Business Expenses

When it comes to filling out your tax returns it is worth knowing about any tax deductible business expenses you can reclaim. This post will show a few of the expenses that you may not have been aware of.

Employee Costs
Work related costs to your employees, for which they are not reimbursed, can be deductibles. This includes costs incurred by use of mobile phones for business purposes, dues to unions or professional societies, passports for business trips, uniforms or business dress, subscriptions to magazines or periodicals relating to your line of business and so on… Any cost to an employee which is directly relates to your business turning a profit can potentially become a business expense. If you are unsure check with your accountant, they will offer tax advice as part of their accounting services.

Premises Costs
Rent and utilities bills (heat, light, water rates) are tax deductible. Maintenance of your premises can also be claimed as a business expense, this includes repairs and insurance. Be aware though that premises costs do not cover properties owned outright by the business. If you work from home council tax can also be included.

Administrative costs that can be covered include advertising your business, stationary from printers to paperclips, postage stamps, envelopes and telephone and fax bills. Remembering to claim these items as tax deductibles is especially important for the small business; you would be surprised how much money is spent on seemingly small and inconsequential office supplies.

Company vehicles are a bit of a grey area. It is highly unlikely that cars or vans will be deductible themselves; though it is worth talking to a business accountant about this. However, hire cars for business purposes can be deemed business expenses. Fuel is tax deductible but only after a certain mileage is reached. Do the appropriate research with the tax authorities or a small business accountant to find out exactly what is deductible here.

Travel by bus, boat, plane, train or taxi for business purposes can be tax deductible. When you arrive your hotel and meals are can also be claimed as expenses. NB: Meals only include breakfast and an evening meal and they must be of a ‘reasonable’ price, the tax authorities have no definition of reasonable so you may be asked to defend your case if the authorities consider your dining habits a little extravagant.
By keeping accurate records for all of the above, and submitting them as business expenses at the end of the year, your business can see significant savings. Always check any expense claims with the tax authorities or an accountant.

Things You Can do for Personal Financial Planning

Personal Financial
Personal Financial Planning Tips

Personal finance planning is something that everybody needs within his or her lives at some point. No matter how rich or how stable you are at a point right now, you are not aware of your future outcomes and consequences so why not plan about the things ahead of time and make them accurate and diligent for the better and compelling approaches. Managing your finances has never been tough and it doesn’t ask for a lot of measurements to be carried out because of the fact that today’s world is equipped with several multiple options; people have an easy access of internet options where they can look for their desired concerns within seconds. However you don’t need all of the considerations, there are some highlighted ones that you can look upon for your personal finance planning.

Things you can do for personal finance planning includes categorization for the most part. You should know what you are getting yourself into and what affiliations you are making already. You would need suitable protection, growth and safety of the assets that you have or those you would be getting in the near future.

Protection is needed in every aspect of life; especially when you talk about the personal finance. You can get this done either by carrying out an insurance plan or through keeping a large sum of money under a suitable and applicable budget scheme that you carry out for yourself. Insurance would allow you to pay for things in smaller groups of payments over a certain period of time; you would receive protection this way of spending the money on your own on daily basis. You won’t have to suffer extreme losses and you don’t really have to keep an account of your expenses either. In short, you would be saving money for your rainy days if needed.

For personal finance planning, you would have to grow your money properly on things that you think are unstable. You should have a regular source of income and you should do all you can to prevent it from being irregular. Know what you are spending on and cut down the expenses that you think are taking too much of your money for example; excessive clothes, eating out and new furniture every so often. Invest your money into potential plans and models so you can have better and secured things lined up for your family and for your own betterment with the course of time.