what kind of business expenses could I claim as self employed?
Tuesday, January 18th, 2011
Surely there must be some kind of distinction, like can I take a potential client to the pub and buy them a drink and talk over plans. Would I be able to claim this and if so how do I prove it is actually business related?
Tuesday, February 1st, 2011
For everybody who is self-employed there are many deductions, reliefs and allowances
which you can take advantage of so that you can reduce your tax expenses.
You may deduct a great deal of your business expenses to work out your profits – however , you aren’t able to deduct any type of personal costs. And it’s possible to claim specific reliefs for certain ‘capital expenditure’ – one-off costs to buy or improve or enhance an asset you keep and use for the business.
You can usually receive write offs, reliefs and allowances for the existing tax year as well as the earlier four years – however there are some where you have a shorter cut-off date for making a claim.