Q: What expenses can I claim?

As a rough guide, allowable expenses include: Office costs, like stationery and phone bills Travel costs, like parking, train and bus fares Clothing that’s for work purposes, like uniforms or protective gear Staff costs, like salaries and subcontractor costs Stock and raw materials Financial costs, like insurance and bank charges Business premise costs, like heating, lighting and business rates Advertising and marketing, including website costs Training courses

Question 1

What expenses can I claim?

Accepted Answer

Office costs, like stationery and phone bills
Travel costs, like parking, train and bus fares
Clothing that’s for work purposes, like uniforms or protective gear
Staff costs, like salaries and subcontractor costs
Stock and raw materials
Financial costs, like insurance and bank charges
Business premise costs, like heating, lighting and business rates
Advertising and marketing, including website costs
Training courses

Question 2

Do you have to keep all receipts for tax?

Accepted Answer

It’s good practice to keep all your receipts as proof of purchase, rather than relying on bank statements. You don’t need to submit them with your tax return, but you’ll need adequate records to show to HMRC if asked.

Question 3

Where should I store my business receipts?

Accepted Answer

If you’re wondering how to store receipts for business expenses, ANNA is a tad more secure than your desk drawer. Simply snap your receipt on the spot - if you make a purchase with your ANNA debit card, we’ll gently remind you - and we’ll automatically scan it, categorise it and store it for safekeeping.

Question 4

How long do I need to keep receipts?

Accepted Answer

Don’t throw your receipts away once you’ve claimed. Limited companies should keep them for six years after the 31 January deadline and sole traders for five years, as HMRC could ask to see them at any time in that period.

Question 5

Do I need to keep physical receipts?

Accepted Answer

Your receipts can be scanned and stored electronically - you don’t have to keep paper copies. HMRC is positively encouraging people to keep digital records these days, and it also benefits you as you don’t have to worry about losing your paper receipts.

Receipt scanner

Bye-bye, paper receipts

Receipt capture

No more missing receipts

Expense categorization

Ditch the data entry

Automated bookkeeping

Simplify your financial life