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Self Employed Expenses
As a self-employed individual in the UK, you can claim various allowable expenses when calculating your taxable profit. These expenses help reduce your tax liability. Here's a breakdown of the expenses you can claim:
Stationery
Stationery
Business can pay for stationery. It also includes other office essentials like ink cartridges.
Mobile
Mobile
In the modern world the use of mobile and telephone is essential, so it is allowed as a business expense.
Software
Software
Everyone uses software for many aspects of the business, therefore software costs relevant to your business are allowable business expense.
Office costs
Office costs
These include expenses related to maintaining your workspace. Examples are stationery (like pens, paper, and printer ink), phone bills, and other supplies necessary for your business operations.
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Travel Costs
Travel Costs
These cover expenses incurred while traveling for business purposes. It includes mileage claim based on business mileage log, parking fees, train and bus fares.
Financial charges
Financial charges
Bank charges directly related to your business fall under this category. Normally banks charge a monthly bank account maintenance fee with additional transactional charges. If your business accepts card payments then you can claim the card payment charges under this category as well.
Accountancy Fees
Accountancy Fees
Accountancy fees for preparing annual business Profit and Loss Accounts, is an allowable business expense. It is vital to have an annual review of the profitability of the business, to know if your hard work is making money. We can help in this regard.
Clothing Expenses
Clothing Expenses
This category includes costs related to work attire. If you wear uniforms or need protective clothing specific to your job (such as safety gear), these expenses can be claimed. However general clothing is not allowed, which includes shirts, trousers, ties, suits, socks and shoes. These items are not considered to be business expense, even if they are necessary for business.
Business Premises
Business Premises
These expenses pertain to your business premises. They include costs for heating, lighting, rent and business rates (property taxes) associated with business premises.
Staff Costs
Staff Costs
Staff costs refer to salaries or wages paid to employees or subcontractors who work for your business. It encompasses compensation for their services.
Goods Bought for Resale
Goods Bought for Resale
If your business involves selling products, the cost of purchasing stock or raw materials that you intend to resell can be claimed as an expense.
Conclusion
Please remember to keep accurate records of these expenses and consult with a tax professional like us for advice on claiming them in your Tax Return.
You can book a Free 1 Hour consultation to discuss your business accounting needs with us.
Christopher Carter
Christopher Carter
My company has been using Smartfield Accountants and we are more than satisfied with the professional services they provide.
Karan Kumar
Karan Kumar
Engages well, cares for the customer which drives the client success. I do recommend.
Spoke to Smartfield Accountants and the level of care I received on the phone was fantastic and put my worries to rest. Would highly recommend.
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