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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 now repaid £1.8 million in tax penalties to nearly 5,000 parents who were fined for failing to register for the High Income Child Benefit Charge.
Research carried out by think tank the Resolution Foundation has suggested that young people are 'less likely to move around the country for a better job' as a result of a considerable rise in rental costs.
The Institute of Chartered Accountants in England and Wales (ICAEW) has responded to the government's consultation in regard to the 'off-payroll working rules from April 2020'.