It might cost money to make money, but claiming any allowable expenses can help lower your tax bill. Read our information guides to find out what you can claim, as well as what records you need to keep about the expenses going through your business.
The thing about running your own business is that you almost always need to spend money to make money, investing in the hope of earning more back in the future. If you’re only just starting out and need to spend before even registering the business, then these might count as pre-trade expenses. Accounting for your…
There are many benefits to self-employment such as job satisfaction, a good work/life balance, and creative freedom. But the true reality of your business (besides those listed) is your profits. Profits are important, helping you to fund the growth of your business, and providing you with the money you need to pay your bills and…
Using the terms “costs” and “expenses” interchangeably might be ok for everyday conversation, but they’re often recorded differently in a business’s accounts. This can have tax implications, so it’s useful to understand what’s different about them, and why it matters. We’ve set this up so we can smoothly step in with an easy-to-understand explanation. What…
Nobody wants to pay more tax than they need to, and there is no reason why you should pay more than your fair share. So, in this post, we’re going to look at the different allowances and tax reliefs that a self-employed person can claim. This isn’t tax avoidance, or any kind of shady practice….
Like most self-employed people, contractors can usually claim business-related expenses against their tax bill. Contracting tends to involve working with a client over a specific period of time though, so to avoid any sneaky claims for tax relief from people who are actually working more like an employee, HMRC introduced the 24 month rule to…
