12 Self Assessment expenses you didn’t know you could claim

Updated on April 30, 2022

As an entrepreneur, it is important to know the tax rules and register for Self Assessment. There are so many expenses that you can claim which will reduce your taxes accordingly! 12 legitimate ways in which entrepreneurs may save money on their next filing season include:
-rets payments made by yourself or company; – vans used while running business (upgrade if worth more than £11k);  –owns part share portfolio companies stock options plans Patents etc., these all count as deemed income under UK law.- phone contract with own

The self-employed are required to send annual taxes, and based on earnings will pay income tax. Sole traders must also contribute towards national insurance for their business as well as any profits gained from it – which can be costly if not done correctly!
Most limited company directors should file an accountants’ report every year so that they know how much is owed at all times; this includes memberships suchs overtime hours worked or bonuses awarded by employers outside the firm itself (ie: consulting contracts). Shareholders need keep track of investments made within your portfolio plus capital gains/losses generated during trading periods too

The cost of running your own business can be expensive. Fortunately, the UK Government appreciates this and allows you to deduct some expenses from income in order for them not show up as Self Assessment tax owed! We have made a list below showcasing common items that many small businesses owners may qualify for reimbursement on:
Office Rent or Management Services (e mojitaire) – If paying someone else to do it every day then consider claiming towards rent; if using an agent/[email protected] tag these folks accordingly too

1. Office supplies

You can also claim office expenses like the cost of your desk phone, mobile device and any other equipment that’s necessary for running an established business. This includes things such as printing materials or printer ink plus cartridges if they are used consistently throughout the year; computer software purchased less than two full years ago with active subscriptions renewing every few months on average – this will count towards both yours AND YOUR partners’ Self Assessment tax returns too!

You can claim for your laptop, tablet or home computer in the form of a business expense so long as it’s used mainly during work hours. If you own an item last year and use 50% less than what was originally Invested then only capital allowances will apply; this means that smaller items might require tax relief instead – check with H&S before making any claims!

2. Donations to charity

Donations and charitable giving is something we should all be doing! You might want to check with your accountant before claiminig any donations on taxes though because there could potentially even more benefits out of it than just gettin’ straightened away financially.

Charitable donations can come in many different forms, such as:
Your will – If you die without making provisions for those things that matter most to your family and friends. A payroll giving scheme at work – For example if there is something special about the time of year or because it’s National Trust week then all employees are encouraged (but not compelled) by their employer(s) towards sponsoring a colleague who does not have much money so they too may enjoy some beautiful scenery while celebrating this great country together

3. Mileage costs

Do you ever travel for work? If so, it’s important to claim your mileage allowance as part of Self Assessment. You could get 45p off each tax bill up until 10k and then 25 Peckham Street after that!

You can claim a range of travel expenses when travelling on your motorcycle, from gas stations to meals and even parking fees. You’ll need the cost per mile written down in order for it count towards income taxation (24p) but don’t worry; there’s also other ways that this information will come into play!

Some of the allowable business expenses include:
Vehicle insurance – this will cover you against damage caused by an accident or theft to your car if it’s been used for work purposes. Repairs and servicing- includes any repairs needed as well providing regular services like oil changes etc., fuel costs incurred during travel time between home/regular place(es)of employment). Parking fees; hire charges on vehicles such

4. Legal and financial costs

You can also claim a range of other costs when calculating your Self Assessment expenses, such as hiring an accountant or solicitor to help with the process. You may be able take out professional indemnity insurance premiums that will cover you in case something goes wrong – this depends on what type it is though! Allowable claims include:
Bank charges including overdrafts and credit card interest; hire purchase payments etc.; leasing deals where there’s no cash up front cost but repeated repayments over time at fixed rates which could amount

You can only claim up to £500 in interest and bank charges on your Self Assessment form if you use cash basis accounting. On the other hand, there’s no limit when it comes time for traditional accountants because they’re considered capital expenses instead! If traveling abroad puts a dent into our budget then we’ll have an easier time making back what was lost by saving more money with less spending – but don’t forget about legal fees either…
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5. Unpaid invoices

You can include bad debts in your business expenses if you’re using traditional accounting. HMRC allows for this and only requires that the invoices will never be recoverable by a customer, which makes it one of our most beneficial (and unused) Self Assessment items!

When you start a business, it can be tempting to take on as many unpaid debts as possible. However an unsecured loan from your uncle would not count towards this turnover and if these are related disposal of fixed assets then they cannot really get paid off in time either so don’t bother trying! It is worth noting though that bad debts won’t show up on any Self Assessment form – even cash basis accounting ones where money has actually been received instead just recorded income by default with no particular threshold at which point something becomes “received”.

6. Marketing costs

The cost of marketing your business is an expense many small and medium-sized businesses forget to claim on their taxes. HMRC will allow you claim these costs, as long as they fall into one or more specific categories: advertising in newspapers/directories; bulk mailings like newsletters or postcards (or “mailshots”); producing free samples for distribution at events attended by customers – this includes both tangible items such

7. Clothes

You can reduce your Self Assessment tax bill by claiming the cost of certain clothing items. This includes work-related uniforms, protective gear needed in your profession and costumes worn by actors or entertainers while they’re on stage performing at a festival
In order to claim these types self aid payments you must first be entitled for them under British law which means that there has been some formality associated with what is required when wearing said outfit both socially as well aesthetically so it’s not just any old blue jeans type deal here folks!

You can deduct the cost of work-related clothing from your profits on annual tax bill. However, you cannot claim everyday outfits that are chosen to wear in order for a business expense because they have got be necessary and specific pieces required at their job site or workplace
A common misconception about taxes is how much allowance people think they deserve without providing any evidence as what type these items may actually fall under (e). There’s no such thing like “business dress” – every person needs some kind special apparel designed especially by professionals who do similar jobs together daily!

8. Staff costs

If you have employees, seasonal workers or contractors to help run your business then it is possible for them be claimed as an expense on tax return. You can claim payroll expenses like salaries and bonuses along with other benefits such as pensions which are associated with their employment when filing self assessment form SA100 . There will also likely be agency fees charged by employers because of how much work needs doing in order keep things running smoothly at all times – this kind sub-contractors may well make some slight difference here too!
The following list provides examples concerning what might actually end up coming out during

9. Subscriptions

You can claim the cost of your professional subscriptions as Self Assessment expenses. If you’re interested in which publications would be most relevant for work, then it’s worth checking out what kind these are and whether they have any special features that could help with productivity such an online library or free access through university grounds!

The Self Assessment tax return is a complicated form that needs to be completed correctly in order for you pay less than if it wasn’t done properly. Here we’ll go over the top 10 mistakes and how they can easily fixed with some easy steps!
1) Failing enter all necessary information – this includes name, address etc., which could lead into penalties or interest owed by HMRC (Her Majesty’s Revenue & Customs). Make sure everything has been entered before filing your SA assessment so there are no surprises when deadlines arrive later on down the line; 2.) Not checking whether someone else might have claimed same dependents as yourself- if two people have similar names then one may claim their spouse’s child while another

There are some things you should not claim as subscription expenses. For example, if your mom buys the coffee every day at breakfast time then she isn’t technically paying for a gym membership – even though it may seem like something that would qualify! You also can’t count personal subscriptions such as glossy magazines or Netflix (even though they’re really expensive).

10. Your mortgage and utilities

Claiming Self Assessment expenses when working from home can be tricky, but there are some key rules to follow. You should claim a proportion of your gas and electricity bills as allowed by law – however you must calculate how much each bill applies towards for business use or personal activities such as watching TV in order NOT overpay!

When you work out how much of your annual bills are related to business, it can be worth claiming them on tax as self assessment. For example if one room in the house is used exclusively for this purpose thenyou may claim 20% of expenses against what’s left over after mortgage interest or rent payments have been paid
When calculating whether any given expense counts toward these limits try not only considering physical space devoted directly towards running an enterprise but also things like internet service plans that provide comprehensive coverage 24/7 without additional cost

To determine the cost of your office, you need to apportion it between private and business use. There isn’t exact guidance from HMRC on how this should be done–you simply divide what would have been spent if that room were solely used for work with one category or another based on fair assessment (i e-whether something was necessary due its occupation as an administrative space).

If you plan on selling your home, it’s important to know the Capital Gains Tax consequences of using a room in your house solely as an office. The law states that if this space has been used for business purposes since before January 1st 2018 then there will be no taxes applied when transferring ownership over; however most people aren’t aware until after they’ve sold their property and received payment – so make sure everything’s above board!

11. Council tax

If you’re calculating your business expenses for the year, make sure to add in part of your council tax bill. The same rules apply regarding how much can be chalked up as an expense and what percentage goes towards taxes – if 20% comes from a home office space that’s only worth $100k then he/she would claim up-to half (10%) on their self assessment return instead; but only after they’ve factored other potential costs like mortgage interest or utility bills too!

12. Flat-rate simplified expenses

The best way to get a deduction for your self-employment expenses is through simplified expenses. You can deduct 100% of what you spend from home, without having any worry about how much time was spent working at it or where this activity took place!

Deduction of £26 per month for working from home has been increased to provide a more substantial benefit. This increase means that 2020/21 and 2021/22 tax years will now have an annual maximum deduction limit which can be claimed as Self Assessment expenses on one’s own taxes return – amounting these several thousand pounds worth back if you’re single or double filering with UK residency! For 2019 only though it was still possible recycle last year’s flat rate into another new claim season: saving yourself up until four weeks’ worth at just over two grand each

You can claim broadband and telephone expenses in addition to the simplified flat rate, so don’t missing out on this opportunity!
The online tool from HMRC will help you determine if it’s better claiming full or simplified rates.

The bottom line

If you can show that your Self Assessment expenses are legitimate, HMRC will accept them as part of the tax return. You need to make sure these claims follow all guidelines and rules though – it’s not enough just provide documentation for what seems like a reasonable amount spent on certain things!

The truth is, you never know when HMRC will ask for records of your business expenses. You don’t want to be caught off guard and have no proof that they are reviewing what’s in store! So keep copies or notes from each expense transaction on file just as an extra safety measure so there won’t ever need any awkward moments while filling out tax returns at self assessment time around these parts

The self assessment is a great way for small businesses and entrepreneurs to save money on their taxes. There are 12 different categories that you can claim, but if there’s anything else concerning company formation or questions about how it all works then don’t hesitate get back at us!