I am self employed, what expenses can I write off my tax return?
Tuesday, December 21st, 2010
I want to make sure I am claiming all the expenses that I am eligible for.
Wednesday, February 2nd, 2011
For anybody who is self-employed there are several deductions, reliefs and allowances which you could get in order to lower your tax obligations.
You can subtract much of your business costs to determine your businesses profit – even so you are unable to subtract any kind of personal expenditure. And it’s possible to claim special reliefs for specific ‘capital expenditure’ – one-off costs to buy or enhance an asset you keep and use for the business.
It’s possible to typically obtain write offs, reliefs and allowances for the present tax year and for the past 4 years – but there are some that you have got a shorter time limit for making a claim.