What expenses can I claim as a self-employed individual ?

Being self-employed in the UK means you get to manage your business your way, including handling expenses.
Here’s a simple breakdown of what you can claim:

  1. Office Supplies: This covers anything related to your workspace, like rent, bills and insurance.
  2. Getting Around: If you’re travelling for work, expenses like fuel, parking, and public transport fares can be claimed.
  3. Home Office Setup: If you’re working from home, you can claim some of your household expenses, like rent or mortgage interest, utilities, and internet bills, based on how much of your home is your workspace.
  4. Tools and Gear: If it’s essential for your business, it’s an allowable expense.
  5. Spreading the Word: Money spent on advertising your business, whether on websites, printing flyers, or social media ads can be claimed.
  6. Expert Help: If you hire professionals like accountants or lawyers for business related stuff, their fees can be claimed.
  7. Skills Boost: Costs for training courses or workshops that improve your business skills can be claimed.
  8. Insurance Coverage: Paying for insurance to protect your business, like liability or professional indemnity insurance, if allowed.
  9. Bank: Fees for your business bank account and interest on loans or overdrafts are expenses you can claim.
  10. Subscriptions and Clubs: If you’re part of a professional organization or trade association, the membership fees can be claimed.

Keeping Track
To make sure you can claim all these expenses, keep good records. Hang on to receipts, invoices, and bank statements as they’re your proof come tax time.

Wrap Up
Claiming expenses as a self-employed person takes a bit of know-how. By knowing what you can claim and keeping organised records, you’ll be on your way to saving money when tax season rolls round. If you’re unsure, chatting with a tax advisor or accountant can help steer you in the right direction.

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