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What can you claim tax relief for?
Lovetts can provide assistance to self-employed people in the Hatfield area on allowable expenses and other tax and financial issues...
We are often asked: "What expenses can I claim now that I am self employed?".
The rather glib answer is "Anything that relates to your business". Whilst this is generally true, there are some expenses which, although genuine business expenses, are specifically excluded from tax relief, such as:
Expenditure on plant and machinery for most small businesses is likely to be covered by the annual investment allowance of up to £1 million.
April 2013 saw the introduction of a new cash basis for calculating taxable income for small unincorporated businesses. One of the measures allows any unincorporated business to choose to use flat rate expenses for the following items of business expenditure:
This information is not exhaustive. Please contact us if you have any queries about the allowability of specific expenses.
If you are self-employed in the Hatfield area and would like advice on claiming allowable expenses, contact Lovetts.
HMRC has stated that more than three million taxpayers are yet to file their self assessment tax return despite the deadline looming.
HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year.
Vengeful witches and pet hamsters feature in HMRC's list of imaginative excuses and expense claims, which has been published in the run up to the self assessment deadline.