10 May 2024

Are you aware of the expenses you can claim on your tax return?

As a sole trader there are lots of different expenses you can claim for running your business.

Common business expenses include:

  • Accountancy Costs
  • Advertising
  • Motor expenses
  • Travel expense
  • Insurance
  • Stationary and postage
  • Rent
  • Staff costs
  • Bank charges
  • Telephone and Internet charges
  • Packaging costs
  • Subscriptions

Other costs that aren’t so commonly known that can be claimed are:

  • Use of home as office – You can claim a deduction for how many hours you use your home as your office per month.
  • Uniform or protective clothes – This can’t be claimed for everyday clothes, even if they are worn for business purposes. A uniform may just be normal clothes which feature the business logo. This then becomes a deductible expense.
  • Training costs – Training to update existing skills can be deducted from the profits of your business.

If you are unsure of any expense you think you can or cannot claim, contact us and we will be able to advise you on this.


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