When it’s time to fill in your tax return, you have to break down your expenses if you’re earning above a certain level. Although some websites mention some of these categories, it’s surprisingly difficult to find a definitive list except when it’s time to fill your taxes.
It’s probably a good idea to be using these categories in bookkeeping even if you’re not near the threshold where you need to break down expenses yet. Unfortunately, a lot of bookkeeping software want you to use their categories, and worse, won’t let you choose your own.
Allowable Business Expenses Categories
- Costs Of Goods Bought For Resale Or Goods Used
- Car, Van And Travel Expenses after Private Use Proportion
- Wages, Salaries And Staff Costs
- Rent, Rates, Power & Insurance costs
- Repairs And Renewals Of Property & Equipment
- Accountancy, Legal & Other Professional Fees
- Interest And Bank And Credit Card Etc. Financial Charges
- Telephone, Fax, Stationery And Other Office Costs
- Other Allowable Business Expenses (Client Entertaining costs are not an Allowable Expense)