Are You Claiming Everything You’re Entitled To? Let’s Talk Allowable Expenses.

Are you claiming all of your allowable business expenses? More often than not, the answer is “probably not.”

At Honest Accounting, we see this all the time, business owners missing out on perfectly legitimate tax deductions simply because they’re unsure what’s allowed, nervous about pushing the boundaries, or just haven’t had the right advice.

“If you’re spending money to keep your business running, there’s a good chance you can claim it. The problem is, too many people don’t realise what counts, or they overthink it.” 

Craig Whelan, Honest Accounting

So, What Exactly Is an Allowable Expense?

In simple terms, allowable expenses are business costs that HMRC says you can deduct from your income before calculating your tax bill.

These expenses lower your taxable profit, which means they reduce how much tax you owe.

If you’re a sole trader or limited company, these might include:

• Office Costs: Phone bills, Stationery, Software Subscriptions
• Travel: Fuel, Parking, Train Tickets, Overnight Accommodation
• Premises: Rent, Utilities, Insurance, Business Rates
• Staff Costs: Salaries, Pensions, Subcontractors
• Marketing: Websites, Social Media Ads, Printed Materials
• Professional Fees: Accountancy, Legal Advice, Training Courses
• Equipment: Laptops, Tools, Machinery (with Capital Allowances)

But It’s Not Always That Straightforward…

While the list above is a good starting point, the reality is that what you can and can’t claim depends on how your business is structured, what you do, and how the expense relates to your work.

And that’s where it gets tricky.

“We regularly meet business owners who’ve either claimed too little, or claimed things they shouldn’t. That’s why tailored advice matters. It’s about confidence and compliance, not guesswork.”
Craig Whelan, Honest Accounting

For example, can you claim your Netflix subscription if you’re a freelance screenwriter? Possibly.

Can you claim lunch every day? Probably not, unless you’re travelling for work.

There’s nuance. And the safest way to get it right is to speak to someone who understands both your business and HMRC’s rules.

Why It Matters 

Getting your allowable expenses right means:

✔ You’re not overpaying tax
✔ You’re staying compliant with HMRC
✔ You’re making the most of every pound you earn
✔ You’ve got accurate financial reporting for better decision making
✔ You’ll feel more confident come Self-Assessment or Corporation Tax time

And if you’re ever subject to an HMRC check? You’ve got the peace of mind that everything’s been done properly.

Let’s Make Sure You’re Not Missing Out

If you’ve been filing your own returns or working with a “tick-the-box” accountant, chances are you’re leaving money on the table.

At Honest Accounting, we help our clients understand exactly what they can claim, keep things compliant, and make sure they’re building a business on solid financial ground.

Want to find out if you could be claiming more?

Then get in touch with us at Honest Accounting for straight-talking, tailored tax advice.

0333 138 0003
customerservice@honestaccounting.co.uk