Creating a viable product that one takes pride in is the dream of entrepreneurs and businesses both small and large. Every success story tells tales of the business strategies, allnighters and brainstorming sessions. With all this balancing, it can be hard to focus on what’s important, but one area you should pay particular attention to is the balancing of your accounts.
Filing your taxes, declaring your income and balancing your books helps to budget for salaries and cash runways. Failure to do so can result in many headaches further on down the line, as well as paying too much tax.
Why Use Dead Simple Accounting?
We are specialists in accountancy services for startups, with a focus on balancing the numbers so that you can crack on with what’s important: your business. Our expertise lie in preparing limited company accounts, corporations’ tax returns, and filing. We’ll also assist you in forecasting ahead so that you can achieve your goals, avoid risks and build your business in the process. We take care of the end to end process, right from completing your self-assessment return to filing them with HMRC.
But don’t just take our word for it, our level of service is depicted in the 5-star ratings we’ve received across Google and Facebook.
What Expenses Can Startups Claim?
As a startup, budgets can be tight. The last thing that you would want is to miss out on reclaiming the expenses you incur along the process of setting up your business. While you are busy assembling your team, working on developing your product or marketing your brand, it’s easy to forget to keep an eye on your finances.
Capturing all your costs is the key, ensuring that you hold on to all your receipts and invoices. Be sure to claim all the expenses that are necessary to carry out the everyday running of your business. Here is a round up of some of the expenses a startup business can claim:
- Pre- setup expenses
- Setup costs cover relevant expenses for up to 7 years before the business begins operations. Tax-deductible expenses can include computers and software, professional services, website hosting and domain fees, travel costs and more.
- Business insurance expenses
- The cost of your business insurance policies can be claimed as long as they are used strictly for business purposes. Allowable expenses can include employers’ liability insurance, public liability insurance, contents insurance, vehicle insurance (for company vehicles) and professional indemnity insurance.
- Advertising and PR expenses
- Promoting your startup is important to build momentum and attention for your business. The expenses that can be claimed include advertising (online, print and other media), social media campaigns and PR.
- Travel and accommodation expenses
- Travelling and overnight stays can be reclaimed, these can include accommodation costs for business trips and overnight stays, reasonable food, drink, and subsistence costs, and business mileage costs.
- Use of home as an office
- Most businesses run on their own rented property, however, it is possible to run a business at home. This allows you to claim a percentage of household costs and utility bills as business expenses. Lighting, heating, postage and printing are all expenses that could be covered.
Need Further Help?
If you have any further questions or would us to help with your startup accountancy needs, get in touch with us today.