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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.
23 Feb 2018
The Bank of England (BoE) has warned that the deadline for spending old £10 notes is rapidly approaching.
22 Feb 2018
Data published by the government's Equalities Office has revealed that a vast majority of UK firms are paying male employees more than their female employees.