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Omitting low-cost expenses adds up to a loss of £329m a year for small businesses

Posted by Gary RK on August 10, 2016 at 7:18pm in Business

Small businesses across the UK are losing out on a collective £239 million each year by failing to submit expense claims of less than £10, reports the Federation of Small Businesses (FSB).

A study by software provider FreeAgent using a sample of 2.5 million expenses submitted by its customers found the average micro-business owner had around £216-worth of legitimate expenses with an individual value of less than £10.

Moral ? Keep track of all those receipts floating about in our vans and submit as recoverable expenses against your tax :)

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  • Billybop August 10, 2016 at 9:53pm

    dare i say it maybe small businesses failing to submit income from minor cash in hand jobs to the tax man balances out this anomaly lol

    • PRO
      Gary RK > Billybop August 11, 2016 at 1:28pm
      Glad to say we don't have the hassle of dealing with cash, so wouldn't know what you're talking about ;)
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