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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.
Businesses that have been affected by the COVID-19 pandemic and are seeking to make use of the VAT deferral have been urged to cancel their direct debits 'as soon as they can'.
HMRC has published guidance on recognising genuine contact from the tax authority during the COVID-19 pandemic.
On the 26 March, Chancellor Rishi Sunak announced a scheme to help self-employed workers who have been hit by the COVID-19 crisis.