Small Business Tax Dictionary

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Simplified Expenses

Simplified Expenses is a system in the United Kingdom that allows small businesses and self-employed individuals to calculate certain business expenses using flat rates. This method can be used for vehicle expenses, home office costs, and living accommodation provided to employees. Simplified Expenses aims to make record-keeping and tax reporting easier and more efficient, reducing administrative burdens. Understanding and applying Simplified Expenses appropriately can lead to time savings and greater financial accuracy, supporting compliance with UK tax regulations and efficient business management.