Self-employed / freelancer – 17 things you can claim for in your self-assessment

Generally speaking, you can deduct from your turnover all costs which are wholly and exclusively for the purpose of carrying out your business.
Expenses you may be eligible to claim are:

1. Travel and accommodation
You can claim travel, accommodation and parking costs on business trips. You can also claim reasonably priced breakfast and evening meals on overnight business trips.
Also, you can add running costs of a business vehicle. This includes petrol, road tax, MOT, insurance, repairs and servicing. Additionally, the cost of buying a vehicle might qualify for capital allowances. Note, if you also use the car or van privately, you can claim only the proportion of vehicle’s expenses.

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Claiming home office expenses – SOLE TRADERS

If you are self-employed and work from your home, you can claim for a wide range of expenses against your income tax bill. However, you have to be careful to only apportion costs which have been genuinely incurred in the running of your business.
As the sole trader you can claim a proportion of almost all household expenses. However, there are two golden rules for claiming home office costs as an expense. Firstly, you must run your business from home, not just sort your business post at home while work at clients’ premises only. Secondly, the cost that you claim for has to be genuinely incurred in the course of running your business.

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9 WAYS TO CUT YOUR TAX BILL – allowable expenses for Employees

If you are employed, you are limited in what you can offset against Income Tax. However, there are still a few useful tips to reduce taxable income:

1. Mileage allowances
If you use your personal car for work and the mileage allowance that your employer pays you is less than the HMRC rate, you can claim the balance. The first 10,000 business miles can be claimed at a rate of 45p per mile. Over 10,000 miles the allowable HMRC rate drops to 25p per mile. Additionally, you can claim 24p per business mile for motorcycles and 20p per mile for bicycles. If you are paid less than these rates by your employer, you can claim the difference on your self-assessment return.

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HOW TO CLAIM YOUR HOME AS AN OFFICE – a guide for limited companies’ directors

Many small companies perform lots of work from home. One of the most frequently asked questions by directors is what expenses can they legitimately claim back against their company?
HMRC’s rules for claiming business expenses for use of home as an office or renting part of your home to your company are strict and complex. We have broken down these rules to make it easy to understand the expenses you can and cannot include in your company’s accounts.

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How to buy your family presents worth £300 through your limited company TAX FREE?

A trivial benefits exemption came into effect in April 2016. The main advantage is that an employer can provide trivial benefits such taking employees on a meal out to celebrate a birthday, buying a bunch of flowers to congratulate on a birth of baby or buying Christmas presents for the staff without any tax or national insurance for either employer or employee. The employer will also be entitled to claim income tax or corporation tax relief on the cost. This benefit even further extends to close companies, where director can receive up to £300 worth of benefits in the tax year. With this Tax Free benefit it is easier to be a lovely boss than ever before.

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