unclaimed expenses

‘Unclaimed Expenses’ Cost UK Small Businesses £238m Every Year

‘Unclaimed Expenses’ Cost UK Small Businesses £238m Every Year

£238m is being lost by UK small businesses every year due to ‘unclaimed expenses’, according to a report by FreeAgent. The survey found that, on average, UK small enterprises have around £216 worth of expenses worth under £10 every year. Incredibly, a significant proportion of these expenses are likely to be unclaimed as they are perceived by employees to be too ‘small’. Ed Molyneux, CEO and co-founder of FreeAgent, said: “Whether it’s £5 or £500, that’s all money which you can claim tax relief on, and in the case of the smaller expenses, it’s also money that quickly adds up. “Even for a freelance business or small agency, those little expenses can end up being worth hundreds, or thousands, of pounds when they’re all combined – so it’s strange that people seem to think it’s too much ... »