insuring finances are not hidden business

#Insuring finances are not hidden business professional

It will also help you file your taxes accurately, making sure you’re not paying out of pocket for things that should be deducted from your business. Should your tax returns ever be called into question, these items will be essential. It’s in your best interest to keep a detailed record of your expenses, along with receipts and proof of purchases.

Essentials Office stationery, stock, materials, marketing costs, clothing, subscriptions and staff costs are all taxable allowances.

Travel Business travel expenses (such as fuel, train tickets etc) should be claimed for, however you cannot claim for journeys from home to work (and vice versa), or for any travel expenses incurred from entertaining clients.

Your business insurance is also considered an allowable expense, keep this in mind when purchasing a self-employed insurance policy. Charges from your bank - such as overdraft fees, credit card charges and leasing payments - can also be included in your expenses.

#Insuring finances are not hidden business professional

Financial and legal costs You’re allowed to claim for money spent on professional contractors such as accountants and solicitors for your business.If you work from home for more than 25 hours a month the government can assign a simplified expense rate (external link) to you. If you work from home you can claim on a proportion of your utility bills, depending on how much of your home is used for business. No allowance is made, however, for buying or building a property – owning your commercial space outright means that commercial property insurance should be high on your list of priorities. Business premises If you rent an office space you can claim for expenses for security, rent, maintenance and repair, contents insurance and utility bills.

Below is a list of key allowable expenses and the circumstances in which you either can or cannot claim for them. Self-employed tax return: what can I claim for?Įxpenses that you are legally allowed to claim for are known as ‘allowable expenses’ and there are strict rules concerning what qualifies. To make sure you have complete control over your business finances and are making the most of opportunities to save, we’ve compiled some key information to help you plan and prepare for a robust financial outlook. It’s clear that being your own boss offers an attractive lifestyle for a large segment of the population, but with the prospect of enjoyable benefits comes added responsibility and financial risks. The current figure accounts for 4.8 million people across the country. Since 2001 the number of self-employed people in the UK has steadily risen, from 12% of the workforce to 15.1% in 2017.