Updated: Aug 27, 2020
Congratulation on taking first step to be your own boss.
Following are few of the tips which will help you to save on Tax:
Do you know ?
You can claim £4 per week if you use your home as office
Travel to client is a allowable expense, you can claim 45p per mile up to 10,000 miles if you use your car for travel
Any stationary such as pen, paper etc. are allowable expenses
Software used such as excel, Sage, Quickbook and Xero etc. subscriptions are allowable expenses
Membership subscriptions for example Taxi driver Licence subscription, CIS CSCS card are allowable expenses
Phone, broadband, landline used for business use can be claimed as 100% expenses whereas you use phone etc. for personal and business use you can claim proportion of business use expenses
You can claim for the tools you buy for business use as an expense
Accountancy fee is an allowable expense
Donation to charity is not an allowable expense, However if you are higher rate tax payer, you can claim 20% tax back on your donation
I hope Self Employed Tax Saving Tips will be helpful. I am certified Public Accountant and have wide range of experience in self assessment/Tax return. Get in touch to find out more.