Allowable self-employed expenses

Allowable self-employed expenses

Make sure you know what expenses you can claim for, not sure?

No problem, here’s a list:

Remember to keep a detailed record of all your business expenses.

Office expenses – You can include business stationery, printing costs (including printer ink) and postage.

Business premises costs – You can claim expenses for rent, maintenance and repair, utility bills, property insurance and security.

Working from home –  Working from home at least 25 hours a month, you can use ‘simplified expenses’, this is a flat monthly rate calculated by the government.  Alternatively you can include part of your household bills, you need to proportion your bills between private and business, claiming only the part used for business. 

Motor expenses – You can include business-related vehicle costs, including insurance, fuel, hire costs, repairs, servicing and breakdown cover, although this can be difficult to calculate, so you can use ‘simplified vehicle expenses’, which is a flat rate provided by the government. (2018 – 45p first 10,000 dropping to 25p for claims over 10,001 miles per year).  

Travel – Business travel by train, bus, plane or taxi, hotel rooms and meals during overnight business trips.  Remember commuting or travelling to your business premises doesn’t count and cannot be claimed.  For journeys that are both personal and business, must be separated in order to claim as an expense.

Entertaining – Claiming for entertaining clients, suppliers and customers, or event hospitality is not allowable

Stock and materials – The cost of your stock, materials and direct costs to produce a finished good is allowable.

Legal and professional costs – The cost to hire an accountant, a solicitor, a surveyor or an architect for business reasons is allowable.  

Bank fees –  The cost to have a business bank account or business loan is allowable

Business insurance – The cost of business insurance (public liability insurance and professional indemnity insurance) is allowable

Advertising – Newspaper advertising, directory listings, mailshots, free samples and website costs can all be claimed.

Clothing – Necessary protective clothing is claimable, but you can’t claim for everyday clothing that you wear to work.

Employees – Salaries and wages count as allowable expenses, as do bonuses, pension contributions and employer National Insurance contributions.

Subscriptions – The cost of membership to trade bodies or professional membership organisations if they’re relevant to your business, as well as the cost of subscriptions to trade or professional journals are claimable

Assets – Capital allowance may be available on the purchases of assets (business equipment like computers, printers, tools and machinery etc).

The above list is only a sample of business expenses, please contact us to discuss business allowable expenses in more detail.

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