SA103 : Self-Employed-Expenses-What-Can-I-Claim

SA103 : Self-Employed-Expenses-What-Can-I-Claim

What types of expenses are there? Capital - This is the cost of buying, creating or improving a business asset, used to increase profit.

The cost of buying a van for your business would be capital expenditure. Other examples include buying machinery, technology and fixtures. Business – You can get tax relief for your business costs as long as it's not capital expenditure or specifically non-allowable.

Non-allowable expenses include legal costs of buying property, entertaining clients and payments for non-business costs.

Personal - Private or personal expenditure is what you spend in your day-to-day life, such as wages, costs of goods or services for private use and loan repayments. Private expenditure is non-allowable What am I allowed to claim as self-employed?

You can claim a business expense as long as it: Isn’t capital expenditure Isn’t non-allowable Is wholly and exclusively for business Here is a list of common expenses: Costs of stock Repairs to business equipment Travel expenses but not home to office Professional fees Finance costs Administration Payroll costs for staff Register with SimpleTax to: Save money on your taxes Simplify dealing with HMRC Make this year’s tax return simple