If you are self employed then you will need to complete a self assessment tax return. This tax return needs to be submitted to HMRC by the 31st January after the end of the tax year.
Your tax return will also need to show other income sources for the year (e.g. property, bank interest).
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You can claim many types of expenses when self employed – these are detailed below.
SPECIALIST SOLE TRADER & FREELANCE CONTRACTOR ACCOUNTANTS
We provide self employed accountant services to people all over the world. Helping our clients through the entire process is what we do best; from registering, to advising on tax allowable expenses and preparing & submitting their tax returns. We make it Dead Simple for you.
We can advise on further expenses for your tax return and minimise your tax liability.
WHAT EXPENSES CAN I CLAIM WHEN SELF EMPLOYED?
Our team of qualified accountants can guide you through all the different expenses that you can include on the tax return, so that you can save tax. We’ve listed below some of the most common expenses:
- Accountancy fees
- Business insurance
- Business travel in own vehicle
- Business travel on public transport
- Cost of sales
- Interest and finance charges
- Legal fees
- Protective clothing
- Recruitment fees
- Repairs and renewals of property and equipment
- Small tools
- Subscriptions to professional bodies
- Training and courses
- Use of home as office
- Wages and staff costs