Can’t I record all expenses as simply expenses, rather than showing what type of expense it is?
The main aim of record-keeping is to be able to provide useful information for you, as owner, and for HMRC. You will have more control over your business if you know how much you spend on each expense type. Also, on your tax return, expenses are divided into different types, such as wages, telephone and advertising.
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- Can’t I record all expenses as simply expenses, rather than showing what type of expense it is?
