Spence—an app for iOS—is a financial product that serves a singular purpose. When we purchase an item that holds a percentage of its use for work purposes, we can claim a tax deduction here in the U.K. The deduction in tax is money that we save and as such, that saving is tied directly to the item we have bought. While the full cost of the item will effectively come out of our own pocket—or business’ pocket—at the time of purchase, we know that because of our tax deduction, the items true cost to us is something different.
Through an algorithm that I designed within Apple’s Numbers software, Spence applies that saving calculation and gives you an immediate cost of the tax-deductible item.
Knowing how much I save on tax-deductible items is crucial in making an informed business purchase. It also helps me plan both my business and personal finances more effectively.