- Posted 4th January 2016
What Expenses Can Be Claimed By Self-Employed?
If you are a self-employed, different types of costs will be incurred when running your business. As maintaining such costs can be very difficult, it is best you learn about claiming these expenses which help you reduce the tax bill. Here is a list of certain types of business expenses you can claim for. Allowable expenses There are certain types of costs which you can claim as allowable expenses. Allowable expenses must be incurred ‘wholly or exclusively’ for your business purposes only and not for personal purposes. Such expenses include:
- Accountancy and legal fees: Fees for accountants and solicitors
- Advertising and marketing costs: Advertising in newspapers, directories or website
- Travel costs: Train, bus, air, and taxi fares, accommodation and meal costs on overnight business trips
- Office costs: Phone, internet, office equipment like printer, fax costs
- Staff costs: Wages, NI contributions, pension, training, childcare provision (subject to conditions) costs
- Construction payment costs: Construction subcontractor payments
- Financial costs: Interest on bank loans, bank charges
- Business premises costs: Rent for business, electricity, heating, internet and phone bills, use of home as your office ( a business proportion only)
- Cost of goods: Raw materials cost, direct cost of manufacturing goods
- Other business expenses: Subscription costs