I am a sole trader. what kind of business expenses can I claim?
Tuesday, January 18th, 2011
Tuesday, February 1st, 2011
Anybody who is a sole trader can claim numerous tax deductions, reliefs and allowances which you could use to help lower your tax bill.
You could subtract most of your company expenditure to calculate your businesses profit – but you won’t be able to deduct any type of private spending. And it’s possible to claim other reliefs for some ‘capital expenditure’ – one-off costs to buy or enhance an asset you keep and use for the business.
You can normally get deductions, reliefs and allowances for the existing tax year and for the earlier 4 years – but there are a number where you have a shorter cut-off date for making a claim.