When you are self-employed, every penny counts. Being able to claim 'allowable expenses' can make a big difference. But it's important to know what you can claim for and how these expenses are worked out.
The HMRC e-learning package business expenses for the self-employed will tell you:
- what allowable business expenses are
- what is meant by revenue 'day to day' expenses
- how to claim for larger items of plant and machinery known as 'capital allowances'
- whether using flat rates for certain expenses or 'simplified expenses' could be an option for you
If in doubt, a good accountant or tax adviser can help you understand the essentials and make sure you are claiming the right expenses.