As the end of tax year 2024 approaches, small business owners across the UK are looking for ways to maximise their deductions and minimise their tax liability. While most are familiar with common expenses like office supplies and staff wages, there are several surprising deductions that could significantly reduce your tax bill. In this guide, we’ll explore six often-overlooked expenses you can claim, helping you save money and reinvest in your business.

What Are EOFY Tax Deductions?

EOFY tax deductions are expenses that businesses can claim to reduce their taxable income. By understanding what can be deducted, small businesses can save significantly, allowing them to reinvest in growth. Now, let's get into some expenses which can be deductions!

1. Office Supplies and Consumables

Everyday Office Expenses

It’s easy to overlook small purchases, but they add up! Items like paper, pens, printer ink, and other day-to-day supplies are fully deductible.

Safety Equipment

With health and safety being top priorities, don’t forget to claim protective equipment like face masks, hand sanitiser, and ergonomic desks and chairs.

2. Home Office Deductions

Claiming Space for Home Offices

For those working from home, a portion of your rent or mortgage interest, utility bills, and even internet costs may be eligible for deduction. Be sure to calculate the percentage of your home used for business to claim correctly.

Furniture and Equipment

If you’ve bought office furniture or equipment to make your home office functional, these can be claimed as well. Items such as desks, chairs, or monitors are eligible deductions.

3. Professional Development and Training

Courses and Certifications

Investing in training or upskilling yourself and your team can pay off during tax season. Any professional courses, certifications, or webinars that improve your team’s skills may be tax-deductible.

Subscriptions and Memberships

Subscriptions to industry publications or memberships with relevant associations, like trade bodies or professional networks, can also be claimed back.

4. Business-Related Travel and Accommodation

Mileage and Public Transport

If you or your employees travel for business, claim back on petrol, mileage, or public transportation costs. Keep records of trips taken for business purposes to ensure accurate claims.

Meals and Accommodation

While the rules can be complex, meals and hotel stays for business purposes are often deductible. Just remember to keep all receipts to support your claim.

5. Marketing and Advertising Expenses

Social Media and Online Ads

In today’s digital age, marketing costs are essential to attract customers. Costs for social media ads, Google Ads, or other online advertising platforms can be deducted.

Branding Materials

Expenses for business cards, branded merchandise, or even website development and design are deductible if they’re part of your marketing efforts.

6. Research and Development (R&D) Tax Credits

Qualifying for R&D Credits

If your business invests in research and innovation, you may qualify for R&D tax credits. This applies to companies in any sector that are working on scientific or technological advancements.

How to Claim R&D Tax Relief

R&D tax relief can be a complex area, so consider seeking professional advice. Many businesses are surprised by the range of activities that qualify, from software development to product improvements.

How Bizcap Can Help

Navigating EOFY tax deductions can be overwhelming, especially for busy small business owners trying to manage cash flow and growth. That’s where Bizcap UK comes in. We specialise in helping businesses like yours access quick, flexible funding solutions, making it easier to manage end-of-year expenses and reinvest in growth.

Whether you need extra capital to cover essential costs, pay for tax advice, or prepare for a successful new financial year, Bizcap offers tailored funding options designed to keep your business moving forward. With fast approval and minimal paperwork, Bizcap provides a stress-free way to secure funds when you need them most.

Take control of your EOFY with Bizcap’s support – apply today and ensure your business is set for financial success in the coming year!

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