END OF TAX YEAR: £238 MILLION BEING LOST BY UK MICRO-BUSINESSES DUE TO UNCLAIMED EXPENSES – FREEAGENT

Ed Molyneux, CEO and co-founder of FreeAgent, said (05/04/16):

“In order to avoid overpaying tax, all small business owners should be scrupulous about reclaiming their expenses. But it’s surprising how few of them say they actually do claim everything back, and how many ignore or dismiss certain expenses for being so small.”

“From our own research we’ve found that on average, UK micro-businesses have around £216 worth of expenses worth under £10 every year – and a significant proportion of these are likely to be unclaimed given how ‘small’ they are. While this may not seem much, across the UK’s 5 million or so micro-businesses this equates to £238 million in unclaimed expenses which people think are too small or inconsequential, which potentially affects their tax bills.”

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“Whether it’s £5 or £500, that’s all money which you can claim tax relief on, and in the case of the smaller expenses, it’s also money that quickly adds up. Even for a freelance business or small agency, those little expenses can end up being worth hundreds, or thousands, of pounds when they’re all combined – so it’s strange that people seem to think it’s too much hassle or not worth the effort to claim these back.”

“With the new tax year upon us, it’s the perfect time for small businesses to take a look at how they manage their expenses and to start claiming back these smaller amounts – so they ensure they’re paying the correct amount of tax.”

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