I have recently become a sole trader. What expenses do I claim for?
Tuesday, January 18th, 2011
I find tax and things like this very confusing. I am an self employed electrician and don't have time to record everything.
Tuesday, February 1st, 2011
If you are a sole trader there are numerous deductions, reliefs and allowances that you might take advantage of to be able to reduce your tax expenses.
You may subtract a great deal of your company expenses to determine your profits – however you can not deduct any type of personal spending. You can also claim special reliefs for selected ‘capital expenditure’ – one-off expenditure to purchase or enhance an asset you keep and employ for the business.
You can generally receive write offs, reliefs and allowances for the present tax year and for the prior 4 years – however there are some that you have a shorter cut-off date for making a claim.