Are you claiming all your expenses?
Research from FreeAgent has found almost 80% (79.5%) of self-employed workers let expenses go unclaimed every year, with 57% not bothering to claim expenses below £10. That’s a minimum of £24m lost annually in unclaimed expenses.
The study also found nearly half of self-employed workers (40.2%) spend Christmas Eve filing expenses. Among the other stats that came to light from 2,000 self-employed workers was the fact that 44% do not claim back any coffee during the year. A shocking 37% don’t claim back food when travelling for work and 17% don’t claim accommodation.
FreeAgent's CEO Ed Molyneux said: “Small things like claiming coffee or mileage can add up fast. For example, one cup of coffee when visiting a client costs around £2.44, five coffee a week is an unclaimed £49 a month, and all of a sudden you have lost out on £585 in one year – on coffee alone.”