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Self-Employed: SimpleTax's expenses list

According to HMRC " If you are self-employed you’ll have various running costs and expenses. You take these costs and expenses away from your business income to work out the profit in your accounts. You can only deduct certain expenses as they aren't all allowable for tax purposes. You can also claim capital allowances for certain other costs or expenditure to reduce your taxable profits."  -  in Expenses and allowances for the self-employed.

 

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SimpleTax's Expenses Groups and Categories For Self-Employed.
Self-Employed: What can I claim?

 (* Capital Allowances)

 

1.     Entertainment

-        Restaurant

-        Hotel

-        Drinks

-        Shows

-        Other Entertainment Expenses

2.     Legal and Professional Fees

-        Accountant Fees

-        Legal Fees

-        Other Professional Fees

3.     Staff Costs

-        Subcontractors (construction industry)

-        Salaries & Wages

-        Bonuses

-        Pensions

-        Benefits for staff/employees

-        Agency Fees

-        Subcontracted Labour Costs

-        Other Staff Costs

4.     Cost of Goods Sold

-        Goods for resale

-        Raw Materials

-        Direct Production Costs

-        Opening and Closing Stock

-        Work in Progress

-        Commissions Payable

-        Discounts Given

-        Other Costs of Goods

-        Project Specific Subcontractors

5.     Car and Other Vehicles

-        Fuel Costs

-        Insurance

-        Repair

-        Servicing

-        Parking

-        Hire charges

-        Vehicle License Fees

-        Motoring Organisation Membership

-        Purchase of Van or Lorry *

-        Fines

-        Purchase of Car *

-        Other vehicle-related expenses

6.     Travel

-        Train Fare

-        Bus Fare

-        Air Fare

-        Taxi Fare

-        Hotel Room (overnight business trips)

-        Subsistence (overnight business trips)

-        Other travel-related expenses

7.     Training

-        Trade journals/subscriptions

-        Professional journals/subscriptions

-        Training Courses

8.     Taxes

-        Employer NIC

-        Payments on Account

9.     Use of Home as Office

-        Rent

-        Business Rates

-        Water Rates

-        Electricity

-        Heating

-        Property Insurance

-        Security

-        Repairs and Maintenance

-        Phone and Fax

-        Small Equipment Maintenance

-        Fixtures and Fittings

-        Other home office related expenses

-        Internet

10.  Computer & Office Equipment

-        Postage/stationery

-        Printer parts

-        Software 

-        Repairs and Maintenance

-        Renewals of small tools

-        Renewals of items of equipment

-        Office Equipment Purchase *

-        Tea & Coffee, Fruits, Biscuits

-        Printing Costs

-        Technical Books

-        Printer ink/toners/paper

-        Computer *

-        Other Equipment (tools, clothes and other business apparel) *

11.  Advertising

-        Newspapers

-        Directories

-        Mailshots

-        Free Samples

-        Website

-        Other mediums

12.  Office Space and Utilities

-        Rent

-        Business Rates

-        Water Rates

-        Electricity

-        Heating

-        Property Insurance

-        Security

-        Repairs and Maintenance

-        Phone and Fax

-        Small Equipment Maintenance

-        Fixtures and Fittings

-        Other home office related expenses

-        Internet

13.  Financial and Insurance

-        Interest on Loans

-        Alternative Finance Payments

-        Bank Charges

-        Credit Card Charges

-        Hire Purchase Interest

-        Leasing Payments

-        Personal Indemnity Insurance Premiums

-        Bad Debts

-        Repayments on loans/overdrafts

-        Employers Liability Insurance 

 

 

Other Keywords: sole trader; freelance; agency; business; sub-contractor; private; umbrella; trade; expenditure; budget; 

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SimpleTax automatically tells you what expenses you should be claiming, what you should watch out for and ways to lower your tax bill.

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