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What can you claim tax relief for?
Ling Phipp can provide assistance to self-employed people in the Nottingham area on allowable expenses and other tax and financial issues...
We are often asked "What expenses can I claim now that I am self employed?"
The rather glib answer is "Anything that relates to your business". Whilst this is generally true, there are some expenses which, although genuine business expenses, are specifically excluded from tax relief, such as:
April 2013 saw the introduction of a new cash basis for calculating taxable income for small unincorporated businesses. One of the measures allows any unincorporated business to choose to use flat rate expenses for the following items of business expenditure:
This information is not exhaustive. Please contact us if you have any queries about the allowability of specific expenses.
If you are self-employed in the Nottingham area and would like advice on claiming allowable expenses, contact Ling Phipp.
18 May 2018
HMRC has added two new software providers to its Making Tax Digital (MTD) for income tax pilot scheme, bringing the current total to four.
17 May 2018
A study carried out by insurers Royal London has suggested that UK workers will require a pension pot of 'at least' £260,000 to ensure a comfortable retirement.