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Counting the cost of heating oil and other business expenses

Knowing which parts of your business are making money and which are not is crucial to long-term profitability and accurate records can help you to acquire this knowledge more quickly than would otherwise be possible. It is for this reason that many small business owners place great importance on the accountant that they hire to inspect their books. Whether or not using an oil-fired boiler works out cheaper than connecting to a mains gas supply, it is a possibility that you might wish to explore as it allows the individual more control over the supply of fuel. If there is a problem with the gas supplied through the mains, there is very little you can do about it, whereas it is possible to have heating oil delivered to your offices whenever you wish in most areas of the United Kingdom.

You should keep all the receipts for fuel that your company has paid for to ensure that all your running costs are included in the profit and loss accounts at the end of the year. Failure to do this could result in your firm paying more tax than is necessary. A good accountant will request all the relevant receipts and all reputable suppliers should issue them when they receive payment for deliveries made to your premises. Some companies offer a top up service that involves arranging to deliver oil on a regular basis to make sure that you are never left without heating because you have run out of oil.

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