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decision. expenses can be claimed Insurance, Legal and
Remember that you are by your business, but the professional fees.
not constrained by either list is likely to include the ___________________
_
tax or calendar year. You list is likely to include the
Gifts up to a certain
can start trading when you following.
value (providing these
choose, and the right ____________________
are for a commercial
choice might mean the Running costs - those
purpose e.g. promotion,
difference of 11 months costs which are necessary
advertising).
before you pay your tax to keep the business
bill - nearly one year's going, such as lighting,
interest-free use of the telephone, advertising etc.
taxman's money! This ____________________
The cost of goods bought
clearly has implications Keep a record of all
for resale or manufac-
for your business in your business related
turing.
general, and for your expenses. Your accoun-
____________________
cashflow in particular. tant will advise you
Carriage, packing and
Ask your accountant or which to record against
delivery costs.
local Enterprise Agency your tax liability. There
____________________
for advice. Wages and salaries (but are many ways of redu-
not payments to yourself cing business taxation
Business expenses if you are self-employed). within the law but,
During the course of your ____________________ unless you are a
financial year you will run Some travel expenses. specialist, it is unlikely
____________________ that you will be able to
up expenses, many of Hire purchase and leasing
follow the complicated
which can be claimed costs.
regulations and techni-
against tax (even if you
_____________________
are operating your Interest on loans and cal jargon which
business from home). overdrafts relating to the obscure the ways of
Your accountant will tell business. reducing your tax
you exactly which ____________________ liability. It is, 34
