What can I claim in my self-assessment
You may have been told that you’ll be able to claim back certain elements of expenditure when completing a self assessment tax return, but it’s hard to know what is hearsay and what actually constitutes a “business expense”. See below for the costs you will be able to cover via a HMRC expenses claim – you may be aware of some, but others might just come as a pleasant surprise.
Whether you drive a vehicle or use public transport to get to meetings or you place of business, you should keep your tickets and receipts for everything – including fuel, parking, repairs and insurance – as these are allowable expenses if you’re self-employed.
Salaries and wages can be claimed on expenses, as can bonuses, pensions, National Insurance and other staff costs. You shouldn’t claim for carers or nannies, however.
Your allowable premises-based expenses are made up of the costs of items or services that will last for less than two years. These include stationery, rent, insurance, heating and lighting (this is also applicable to those who work from home – take a look at how to calculate your utilities expenses here).
Legal and Financial
If your business uses accountants, solicitors, surveyors or architects, you can claim their fees back on expenses. You can also claim for professional indemnity insurance premiums. However, the legal costs of buying property and machinery and fines for breaking the law are not considered tax deductible expenses.
If your business requires you to purchase particular items of clothing, such as uniforms, costumes or protective garments, these can all be submitted to HMRC as expenses. You cannot claim for clothing that is not specific to the work you do.
Marketing, Subscriptions and Entertainment
You can also claim back for subscriptions to magazines that expand your specialist knowledge (though no politically oriented publications are permitted), along with the costs of bulk mail advertising, free samples and website costs if they are for use by your business.
Make it Easier with GoSimpleTax
The GoSimpleTax app and online software allows you to upload your receipts in real time to help you quickly calculate your expenses when completing your self assessment. It will also automatically prompt you when it detects an opportunity to save money by claiming relevant expenses. This will save you a great deal of time trawling through your yearly expenditure when the time comes to submit a tax return!
Need help preparing your tax return?
By downloading GoSimpleTax for iOS or Android, you can save yourself hours of valuable time and prevent the stress of completing your annual tax return.
How GoSimpleTax Works
Simply register for free with your full name and email address.
Select the income you receive and follow the hints and tips for potential tax savings.
Validate your personal information when you’re happy with the figures and submit directly to HMRC to get confirmation of your submission in just a few seconds.
Who Is GoSimpleTax for?
With GoSimpleTax by your side, your tax duties as a sole trader are made easier than ever before.
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