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?
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: