The first and the most important thing that can be claimed as a business expense is transportation. Every organisation has to travel from one place to another, either for official or personal purposes. Even though travelling from one place to another is a normal part of business, many organisations choose to hire services for their business travel. What can be claimed as a deduction on this form of expenditure is the actual cost incurred for hiring the car, the number of hours it took to drive from one place to another, and even the tax deduction for hiring the service of a car middleman.
Another important thing that can be claimed as a tax deduction is educational expenses. Even though most employees take their yearly leave once in a year, some companies still encourage their employees to avail such leave every two years or so. If an employee actually takes a leave for educational purposes, tax deductions can be claimed equal to half the usual annual leave amount. This means that if your company offers you an annual leave insurance policy, you can claim insurance expenses for that amount, instead of paying the entire amount, as you usually do. For help with recording and filing claims, contact Accountants in Gloucester like Randall & Payne, a leading firm of Accountants in Gloucester
Travel expenses can also be claimed as business expenses. Like the other expenses we have mentioned, it is essential to know the purpose of the trip as well as to calculate the exact amount claimed. Most of the time, you will be required to provide documents to support your claim.