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Home » News & Insights » Tips for SMEs – Validate your expenses

Tips for SMEs – Validate your expenses

Posted on 5th June 2018

Validate your expenses

It’s inevitable that as a business owner you will be on the end of some hefty outgoings, so you should whenever possible ask yourself if your expenditure is really necessary.

You can often delay the purchase of high price tag items to retain the cash within your business for longer.

Particularly during start up, you will need to validate your outgoings.

Splashing out on the latest gadgets isn’t always a necessity for your business, and HMRC take a dim view of lavish expense claims for items that are not “wholly and exclusively for the use of the business”

The next time, you purchase high end stationery items, and designer laptop bags ask yourself if a lesser product would do the same job.

Outlandish expenses can attract the attention of the revenue, and put you and your business at risk of an investigation by HMRC.

As a client of Avanti you are offered tax investigation insurance which would cover the work of your accountant to assist the revenue with such an investigation. Otherwise you leave yourself open to an intrusive and arduous process that handled incorrectly could lead to a confusing roller coaster ride if you don’t have the support of an accountant to help you understand what is required.

For more on HMRC investigations and potential triggers, see our article on SuffolkWire

Call Avanti today (08000) 388 799  to see what other benefits there are of being an Avanti client.

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Filed Under: Tips for SMEs

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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