If you're self-employed, you will have various costs in order to run your business. HMRC allows you to deduct the cost of certain expenses that they feel are necessary to run your business. You can deduct these costs from your profit, which will reduce the amount of tax you owe. Here are some of the main things you can claim for:
Business premises
You can claim for:
Heating
Electricity
Rent
Cleaning
Internet and phone use
Water rates
Business rates
General maintenance
Property insurance
Security
Stationery / supplies
You can claim for:
Stationery
Postage
Printing
Printer ink / cartridges
Computer software (varied)
Uniforms
Protective clothing
Costumes for actors / entertainers
You won't be able to claim for every day clothing worn to work.
Travel
You can claim for:
Fuel
Parking
Insurance
Repairs and services
Hire charges
Vehicle licence fees
Breakdown cover
Train, bus, taxi and air fees
Hotel rooms
Meals (if on overnight business trip)
You won't be able to claim on travel between your home and work or any fines.
Employees / staff
You can claim business expenses for:
Employee and staff salaries
Bonuses
Pensions
Agency fees
Benefits
Sub-contractors
Employers National Insurance
Business training courses
To claim on any of these costs you must keep records of all your business expenses for proof of these costs. You will then need to add up all your allowable expenses for the tax year and include the total on your Self-Assessment tax return.
If you have an accountant, you must provide full details of your expenses to them to ensure that these records are accurate.
If you need advice on which expenses you can claim or with submitting a Self-Assessment tax return, contact us on 01268 770099.
For full details of the expenses you can claim and how to claim them visit - https://www.gov.uk/expenses-if-youre-self-employed
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