Running Your Own Business: Freedom with Responsibility
Maximise Income and Stay HMRC-Compliant
Running your own business gives you the freedom to set your own schedule, choose your clients, and work on something you truly care about. For many, it begins as a passion project or side hustle before growing into a full-time career.
But alongside the flexibility comes responsibility - especially when it comes to managing your finances and staying compliant with HMRC.
At SBX Accountants, we work with contractors, freelancers, sole traders, and small business owners across the UK to help them take control of their finances, reduce their tax bill, and avoid costly mistakes.
Why Staying on Top of Expenses Matters
Keeping accurate, up-to-date expense records isn’t just good organisation - it directly reduces your taxable profit, meaning you pay less tax and National Insurance. That extra money can be reinvested into your business or taken as personal income.
To do this effectively, you need to:
- Know what qualifies as a deductible expense
- Keep clear, accurate records
- File your Self-Assessment or Corporation Tax return correctly
With SBX Accountants, we make this process straightforward, using cloud accounting tools like QuickBooks Online for real-time tracking.
10 Commonly Missed Tax-Deductible Expenses
Many small business owners miss out on allowable expenses simply because they don’t realise they qualify. Here are 10 tax deductions you might be missing:
1. Using Your Home as an Office
Claim a portion of household bills if you work from home - either via HMRC’s flat rate or by calculating actual usage.
2. Professional Subscriptions & Memberships
Fees to approved trade bodies, industry associations, or professional journals are often tax-deductible.
3. Business Insurance
Costs for public liability, professional indemnity, or employers’ liability insurance are usually allowable.
4. Marketing & Advertising
From Google Ads and social media campaigns to flyers and branded merchandise - marketing spend is deductible.
5. Training & Development
Courses that update or maintain skills for your existing business can qualify for tax relief.
6. Bank Charges & Interest
Charges and interest on business accounts, loans, or overdrafts can often be claimed.
7. Mobile Phone & Internet
Claim the business-use proportion of your phone and broadband costs.
8. Software & Tools
Subscriptions to essential tools like accounting software, CRM systems, or design platforms.
9. Travel & Accommodation
Costs for travel, overnight stays, and certain meals - as long as they’re wholly for business purposes.
10. Office Supplies & Equipment
From stationery to laptops, anything essential for running your business may qualify.
Avoiding Missed Deductions & HMRC Issues
Missed claims usually happen due to:
- Disorganised records
- Misplaced receipts
- Misclassified expenses
With SBX Accountants:
- We track your expenses in real time
- Categorise them correctly for HMRC
- Maximise your allowable deductions while keeping you compliant
Why Choose SBX Accountants?
When you work with us, you get:
- Your own dedicated accountant
- Unlimited support via phone, email, or video call
- Same-day responses to queries (before 3pm)
- Cloud-based bookkeeping for real-time financial visibility
- Expert tax planning to help you keep more of what you earn
Tips for Staying in Control of Your Business Finances
Separate Personal & Business Finances - Use a dedicated business bank account
Track Expenses Weekly - Avoid missed claims by logging as you go
Review Monthly - Monitor income, expenses, and cash flow
Work With a Specialist Accountant - We know exactly what you can claim
Plan for Tax Bills - Set aside funds in advance to avoid cash flow problems
Take Control of Your Business Finances Today
Running your own business should be rewarding - not stressful. Partnering with SBX Accountants means you can focus on growth while we handle the numbers.
📞 Request a callback today and find out how we can help you save tax, stay compliant, and plan for the future.
