Business Expense’s

When starting a new business venture, you’ll encounter a wide variety of expenses that can arise at any given moment, and it’s crucial to understand which ones you can legitimately claim for tax purposes.

We’re here to help you identify what qualifies as tax-deductible, ensuring you can make the most informed decisions regarding your business expenses and avoid missing out on any potential savings that could benefit you in the long run.

• Operating Expenses

  Rent: Costs associated with leasing office or retail space.

  Utilities: Electricity, water, gas, and internet expenses related to your business operations.

  Supplies: Office supplies, materials, and inventory necessary for your business.

• Employee Costs

  Wages and Salaries: Payments made to employees, including overtime and bonuses.

  Benefits: Health insurance, retirement contributions, and other benefits provided to employees.

  Training: Costs incurred for employee training and development that enhance skills relevant to their roles.

• Professional Services

  Legal and Accounting Fees: Costs for services provided by lawyers and accountants.

  Consulting Fees: Payments made for professional consulting services to improve business strategy or operations.

• Marketing and Advertising

  Promotional Materials: Costs for flyers, brochures, and any advertising expenses.

  Online Advertising: Expenses related to pay-per-click campaigns, social media ads, and website marketing.

• Asset Depreciation

  Capital Assets: Deduct a portion of the purchase price of business assets over time, such as machinery, vehicles, and furniture.

• Travel Expenses

  Business Travel: Costs for transportation (airfare, mileage), lodging, and meals incurred while traveling for business purposes.Item description

• Interest and Bank Charges

  Loan Interest: Interest paid on business loans.

  Bank Fees: Charges related to business bank accounts.

• Insurance

  Business Insurance: Costs for policies protecting your business from various risks, including liability and property insurance.

• Home Office Expenses

  If you operate from home, a percentage of your home expenses (like utilities and internet) may be deductible based on the space used for business.

• Charitable Donations

  Donations made to qualifying charities can often be deducted from your taxable income, subject to certain limitations.

Understanding what expenses are tax-deductible can lead to significant savings and more effective cash flow management.

By dedicating some time to familiarise yourself with these tools, you can maintain accurate financial records, ensuring a clear picture of your financial health without the need for professional bookkeeping services.

Working with Ako Cash Flow, you will not find traditional bookkeepers but rather a team dedicated to empowering you to become your own bookkeeper. Our approach focuses on providing you with the tools and knowledge necessary to manage your finances confidently and effectively. Through our resources and support, you will learn how to track your income and expenses, understand cash flow management, and make informed financial decisions that align with your goals. We believe that by equipping you with these essential skills, you can take control of your financial journey and foster long-term success in your personal or business finances.