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Already in Business? Read on for Amy's Top Tax Tips for Sole Trader Businesses
It is often tricky trying to work out what expenses you can and can't offset against. The income you earn from your business when completing your self-assessment tax return or accounts. The general rule is that you can claim all expenses that are wholly and exclusively for the purpose of carrying out your trade. Here are some of the expenses that my clients tend to miss.
Mileage. You can claim 45p per mile (up to 10,000 miles and then 25p thereafter [2011-12 rates shown]) as an expense against your business for all business travel made in your own car. Alternatively you could claim capital allowances, and motor
expenses, including fuel, for the business use proportion.
Costs of working from home. You can claim £4 a week (2012-2013 rate) for every week you used a room in your house for your business during the year. Alternatively, you can deduct a proportion of the utility costs of your home based on the time you spend on your business.
Phone & Broadband costs. Many of my clients use their existing phone line,broadband and mobile when they start up in business. Make sure you claim for the business use of all of these costs. Keep a log to record business use to justify the
proportion you use.
Any questions? Contact Amy today for a no-obligation review.
Amy Taylor, BSc (Hons) ACA Tel: 01767 260282 / Mobile: 07801931029
Email:amy@tayloraccountancy.net www.tayloraccountancy.net
www.facebook.com/amytayloraccountancy
Twitter : @amyaccountant
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