According to a study by You.gov and FreeAgent, independent workers and small companies are missing out on more than £50 million in UK tax relief by ignoring small expenses.
Whether it is £5 or £100 (replace with your local currency), that is money you can claim tax relief on in many countries, and it is money that quickly adds up. However, it is surprising how many of us still dismiss small expenses because it takes too much time to log them. Those expenses can end up being worth hundreds, or thousands, of pounds (replace with your local currency) when they’re all combined.
Think about frequent or repeating business expenses you are not keeping record of: It might be your internet bill, the storage room you rent for your equipment, a portion of your flat utilitites if you work from home, the coworking space fees you pay when you work remotely, the apps and services you buy and subscribe to, the taxis you take to attend client meetings, your cloud storage monthly plan…
You might think that they’re too small amounts to bother with, but the truth is that logging each of them enables you to claim tax relief and as a result, save you tones of money. Can you see the big picture here?
With Money Out, we've focused on ways to make expenses bookkeeping seamless from you iPhone, so logging every single expense become part of your daily rutine, even when it's pity money.
- Based on your usage, Money Out learns about your frequent expenses, making intelligent suggestions and predictions. Logging details is fast, and gets faster the more you use the app
- You can set up repeating expenses and they will be automatically logged for you
- Add receipts to your expenses and they get automatically save in your iCloud
- Your foreign expenses are automatically converted and displayed in your businesses primary currency, and the exchange rate is saved with life data. You don't need the calculator and currency apps anymore
Remember fellow indepedent workers that, at the end of the day, every penny (replace with your local currency) counts.