Use the following smart categories to help you save money on your expense claims. Each of the following categories are tied directly to your tax profile questions and help you to make the best possible claim in these areas.
1. Mileage rate
Going somewhere? TAXO’D uses the HMRC mileage rate to calculate expenses for using your own vehicle. It’s the simplest way to claim for vehicle expenses.
You can find more details on how to use the mileage rate journal here
2. Home office
TAXO’D makes it easy to record you home office expenses. TAXO'D uses actual cost so that you get the best possible claim from working at home in your pants.
So that we can calculate your claim correctly, you'll need to complete the home office questions in your tax profile. You can find out more on this here.
3. Business premises
If you rent an office or business premises, you can claim the full cost as a business expense. That includes rent, rates, power, insurance, cleaning and maintenance costs.
You can find out more details on claiming for business premises here
4. Internet & phone
You can only claim for the business proportion of the equipment and services you use for your business at home. So rather than have to work out the percentage cost of your internet or phone bill; use the business use slider and we work it all our for ya.
i.e. You use your phone 75% for business and 25% personal use. Dial in the full cost of your monthly phone bill i.e. £55 and set the business use slider to 75%. Boom!
Pro tip: Use the Recur option to save yourself the bother of entering recurring bills.