Expenses in simple terms refers to money coming out of your business, and all the costs involved in your business (excluding the fixed assets of course). For example, you’ve booked a flight for a business event in another city or country, but you used your personal credit card to pay for that, rather than your business debit card.
It’s perfectly OK to do that, and because it’s a business cost, it’s also perfectly OK to include it in your accounts and – almost always – to claim tax relief on it by doing so.
Unfortunately Its so easy to forget about our business expenses and get it mixed up with personal expenses, then end up not keeping proper track of our finances and even over paying taxes to the HMRC.
An easy way to keep track of your expenses properly is with our No Hassle Accounting System. So why not keep track of your expenses with our easy to use Software HERE and know exactly how much your business is costing.
Hope you find this helpful and don’t forget to checkout our amazing bookkeeping software atwww.nohassleaccounting.com