01Not knowing what can and cannot go into the company’s accounts
The classic question: “Can I claim this as a business expense?”
Not everything that has some connection to business is automatically a business expense. A new television for the family does not become work equipment just because you promise to view Excel on the big screen. The same goes for household groceries — unless your business is catering, the tax authority is unlikely to see them as work-related.
02Confusion with invoices and receipts
“Oh, the accountant will sort it out!” — and then all I receive is an online order confirmation without the company’s details. That is not an invoice.
Or someone has taken clients or business partners out for a meal and I receive only a photo of the receipt, without any explanation. It is then impossible to know where the expense belongs. Accounting documents must be correctly prepared and retained — otherwise the tax authority may disallow the expense.
And those little slips of paper that disappear like socks in a washing machine. That is where the biggest problems begin.
03Personal and business expenses get mixed together
This lands on my desk almost every week.
“I paid from the company account, but it was actually a family holiday in Greece — can I claim it as an expense?”
Or: “The same receipt has printer paper and pet food — just make it work somehow.”
When personal and business spending are mixed, you lose sight of the company’s true position and cash flow, and tax liabilities arise. A small “it’s no big deal” can quickly grow into a major problem.
How to avoid these mistakes (a simple checklist)
- Before buying, ask: will this expense help me generate income or is it directly related to the service?
- Always include your company’s details on invoices; for client or representation expenses, record who was involved, the purpose and the connection to the project.
- Keep personal and business money separate. Don’t mix home and work purchases on the same receipt.
These may seem like small details, but they directly affect clarity, peace of mind and ultimately your finances.
This article shares general observations and does not replace advice tailored to your company’s situation. The treatment of expenses and documents depends on the transaction and applicable requirements.