If you’re self-employed, your business has numerous costs. Did you know that you can deduct some of your self-employed expenses to work out your taxable profit?
Not sure what everyday self-employed expenses you can claim back? We are here to help you!
Check below if you are eligible and which self-employed expenses you can claim back!
And don’t forget that you must keep proof of all of your self-employed expenses, as HMRC may ask for them!
There are two ways to claim your self-employed expenses:
1. Use the trading allowance for self-employed expenses
You can claim a flat £1,000 for self-employed expenses using the trading allowance:
- It’s super easy to do and all professions qualify.
- You don’t need to keep your business receipts!
- Note that if you choose the self-employed allowance, you won’t be able to claim anything else.
2. Or you can claim every single business expense!
You can choose this option if your expenses are over £1,000 annually.
- You will need to keep all your receipts (even though sometimes bank statements can also work!)
- Note that you will not be able to claim the trading allowance if you choose this option.
So what self-employed expenses are eligible, if you choose to claim every single expense?
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Download the expenses table below, so you have it
on hand whenever you need it!
And don't forget to claim your self-employed expenses today:
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