If you\u2019re self-employed, there are a number of expenses you claim (depending on your occupation). Claiming expenses will reduce the amount of tax you pay.<\/p>\n\n\n\n
There are two main ways in which you\u2019ll be able to claim your self-employed expenses.<\/p>\n\n\n<\/div> \n\n
Our Making Tax Digital (MTD) software<\/strong> for landlords and sole-traders with built-in accountant support is now live. First month for free!<\/strong> The first way is to simply claim a flat \u00a31,000. Self-employed earnings up to \u00a31,000 are generally not taxable profit, neither by income tax or National Insurance.<\/p>\n\n\n\n \u26a0\ufe0f If you choose this to claim this allowance, you won\u2019t be able to claim any other expenses or allowances. \u26a0\ufe0f <\/p>\n\n\n\n If your total expenses are over \u00a31,000 per tax year, it\u2019ll probably make more sense to claim business expenses to cover your business costs. If you claim business expenses, you won\u2019t be able to claim the Trading Allowance. <\/p>\n\n\n\n For this, don\u2019t forget to keep an in depth record of them, along with all your business receipts. Bank statements can sometimes work instead, but it\u2019s best to stay on the safe side!You claim on your Self Assessment tax return, so make sure you register for it with HMRC<\/a>if this is your first one.<\/p>\n\n\n\n
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Claiming the Trading Allowance<\/h2>\n\n\n\n
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Claiming business expenses<\/h2>\n\n\n\n