Business monthly expenses10/24/2022 ![]() ![]() “Did I purchase this item or service because I need it for my business?” If the answer is yes, then it is a business expense. ![]() By asking two simple questions you can identify the business expenses you need to be recording: So, if the expense is necessary and wholly incurred as part of the running of your business, it is a business expense. The most common example of this expense is client entertaining where you can still record them but it won’t reduce your tax bill and VAT can’t be recouped.
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