New Media Now

New Media Now

The term ‘business expenses’ covers any legitimate expenditure incurred in the running of your business, from initial client meetings and pitches through to delivering projects and wrapping them up afterwards.

Every jurisdiction has its own rules and regulations regarding what you can claim and how to do it, but a good rule of thumb is to consider business expenses as those necessary for the performance of your work. Business expenses (like SEO Leeds) are deducted from your total income before any taxes are calculated – so it’s in your interest to keep good records.

The exact details of what are considered business expenses do vary by country,fn1 and an accountant is the best person to advise you on the specifics of your particular work in your jurisdiction, but most agree that the following are tax-deductible expenses:

There may well be others, dependent on your jurisdiction and your specific work.

You have calculated your start-up business expenses in tools of the trade alongside your living budget, now it’s time to look at the ongoing business expenses you will incur in doing your work.

Estimate your business expenses in the table provided. Include your tools-of-the-trade figure. Don’t forget that equipment and materials need replacing periodically, so it’s a good idea to set something aside for that. It’s worth doing an audit of your equipment and materials at this stage just to check if anything might need replacing or upgrading in the short to medium term and factor that in.

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