What do i do with all my receipts?

To process business receipts efficiently, adopt a Document Hub like Hubdoc. These digital tools allow instant capture (via photo or email) and use OCR to automatically extract data (vendor, amount, date), eliminating manual entry. Crucially, you can tag receipts with the specific client or project code within the hub, which then publishes the data directly to your accounting system, ensuring the expense is correctly recorded for tax purposes while being simultaneously flagged as billable for easy client invoicing.

However, Onarach Bookkeeping can do this for you freeing up your time to spend with family or creating a new project.

What expenses can i claim?

The expenses you can claim for both a Sole Trader and a Limited Company must be incurred "wholly and exclusively" for the business, and primarily fall into the same general categories:

• Office/Admin: Stationery, phone/internet bills (business proportion only), and computer software.

• Premises: Rent, utility bills, and insurance for your business location. If working from home, you can claim a calculated share of household costs or use HMRC's Simplified Expenses flat rate (Sole Traders only).

• Travel: Fuel, parking, bus/train fares, and hotel costs for business trips (not your daily commute). You can claim a flat mileage rate (e.g., $45p$ per mile) for using a personal vehicle for business travel.

• Professional Fees: Accountant, solicitor, and bank charges.

• Marketing: Advertising, website costs, and trade subscriptions.

• Equipment: Tools, machinery, and larger assets (laptops, vehicles) are typically claimed via Capital Allowances.

The main difference is the tax administration: Sole Traders claim against Income Tax via Self-Assessment, and Limited Companies claim against Corporation Tax; your accountant handles these differences, but the underlying principle of a legitimate business cost remains the same.

How does proper bookkeeping reduce my tax bill?

Onarach bookkeeoing will accurately record all legitimate expenses and categorizing them correctly, we ensure you claim every allowable deduction. This minimizes your taxable profit and helps prevent costly errors or missed claims during tax season.