What expenses do I claim due to being self-employed?
Tuesday, January 18th, 2011
Basically I want to know if I can claim my car as a business expense? Thanks
Tuesday, February 1st, 2011
If you are self-employed there are several tax deductions, reliefs and allowances which you can obtain to help reduce your tax obligations.
You may subtract most of your company spending to work out your profits – however you won’t be able to deduct any sort of private expenditure. And it’s possible to claim special reliefs for some ‘capital expenditure’ – one-off spending to purchase or improve or enhance an asset you keep and use for your business.
You can generally obtain deductions, reliefs and allowances for the present tax year as well as the past four years – however there are some that you have got a reduced time frame for making a claim.