When cash flow is tight and the economic outlook is uncertain, finding ways to save money and reduce your tax burden becomes increasingly important.

Claiming your business expenses is one effective way to put money back into your business.

Why Should You Claim Your Small Business Expenses?

Whether you're operating as a sole trader or a limited company, you have the opportunity to claim your business-related expenses when you file your annual tax return with Inland Revenue.

Deductible operational costs are subtracted from your business earnings throughout the year, lowering your taxable income. By reducing the amount of income that is subject to tax, you can shrink your overall tax bill and retain more cash within the business.

What Expenses Can Be Claimed?

• Vehicle costs, transport, and business-related travel
• Rent for business premises
• Depreciation on assets such as computers and office furniture
• Interest on business loans
• Certain insurance premiums
• Work-related journals and magazines
• Professional association memberships
• Home office expenses
• Work-related mobile phones and phone bills
• Office stationery, work uniforms, accounting fees

Investment Property Expenses

• Repairs and maintenance (excluding renovations that significantly increase property value)
• Fees for professional services such as accountants, lawyers, or property managers
• Rates and insurance costs
• Mortgage repayment insurance
• Vehicle and travel expenses for property inspections or repair work
• Depreciation on capital items like whiteware, appliances, and heat pumps

Let's Talk About Better Expense Management

Claiming your business expenses is a straightforward way to reduce taxable income and lower your tax costs—helping to improve your cash flow. Get in touch with our team to explore how you can optimise your expense management.