xpenses are costs that you might be able to claim against your earnings so that you pay less tax. The amount you can claim will depend on your situation, sources of income, and the tax-free allowances which you’re already claiming.
The two most common sources of income where it makes sense to claim expenses are for self-employment and rental income, but it is possible to claim certain expenses from other sources of income too. However, in some cases it may be more beneficial for you to claim some flat allowances instead:
In all of these examples you don’t need to worry about expense receipts.
In the UK, you must keep all of your Tax Records (including expense receipts) for a minimum of 6 years. We recommend storing these digitally where possible to prevent them being lost! Even a scanned copy of a receipt can be a great way to keep things in order.
This all depends on your business and your own needs and preferences. We have experts in Sage, Xero, QuickBooks, Free Agent and more. Speak to our accountants today to discuss your options and we can find the best solutions for you!