how much expenses can i claim since I'm sole trader?


Tuesday, January 18th, 2011

Is there an upper limit? Like I mean, could I just buy a porche and say it was a work car?

Tuesday, February 1st, 2011

Anonymous

For those who are self-employed there are many deductions, reliefs and allowances that you can obtain so that you can lessen your tax bill.

You could deduct most of your business spending to calculate your profits – however you can’t deduct any kind of personal expenditure. It’s also possible to claim other reliefs for certain ‘capital expenditure’ – one-off costs to acquire or enhance an asset you keep and employ for your business.

You can generally receive write offs, reliefs and allowances for the present tax year as well as the previous 4 years – however, it should be noted, there are some that you have got a shorter cut-off date for making a claim.