7 Business Expenses You Might Be Missing

Keeping track of expenses is key to reducing your tax bill. But many business owners miss out on legitimate deductions simply because they don’t know what qualifies.

Here are seven common business expenses you might not be claiming—but should be.

1. Mobile Phone Bills

If you use your phone for business calls, part of your bill may be deductible. Keep a breakdown of business vs. personal use for accuracy.

2. Home Office Costs

Working from home? You may be able to claim for a portion of your rent, utilities, broadband, and even council tax. A simplified flat-rate method is also available.

3. Mileage and Travel

If you use your personal vehicle for work (excluding commuting), you can claim mileage at HMRC’s approved rates. Don’t forget train fares, parking, or business-related hotel stays.

4. Professional Subscriptions

Memberships to professional bodies or trade associations can usually be claimed—if they’re relevant to your work and on HMRC’s approved list.

5. Training and Development

Courses that help maintain or improve your skills for your current role may be deductible. However, training for a new profession is not.

6. Software and Subscriptions

Online tools, accounting software, and cloud platforms used for work count as allowable expenses. Keep your receipts and subscription details.

7. Bank Charges and Interest

Fees from your business bank account or interest on business loans can be deducted—as long as they relate directly to your business.

Track Everything and Keep Records

Even small expenses add up over time. Keep accurate records, store your receipts, and review them regularly. The more organised you are, the more you can claim.